Question
When taxpayers donate cash and capital gain property to a public charity, the AGI percentage limitation is applied in the following order: A. donations to
When taxpayers donate cash and capital gain property to a public charity, the AGI percentage limitation is applied in the following order:
A. donations to public charities are not subject to AGI limitations.
B. a 60 percent of AGI limitation is applied to the cash donation and the fair market value of the capital gain donation is subject to the lesser of a 30 percent of AGI limitation or a 50 percent of AGI limitation after subtracting the cash contributions.
C. a 30 percent of AGI limitation is applied to the cash donation and a 20 percent of AGI limitation is applied to the fair market value of the capital gain donation.
D. a 30 percent of AGI limitation is applied to the aggregate donation.
E. a 60 percent of AGI limitation is applied to the cash donation and a 20 percent of AGI limitation is applied to the fair market value of the capital gain donation.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
