1. Which of the following is a true statement in 2020? Assume CARES Act applies.

A. The deduction of cash contributions to public charities is limited to 30 percent of AGI

B. The deduction of capital gain property to private nonoperating foundations is limited to 50 percent of AGI

C. The deduction of capital gain property to public charities is limited to 20 percent of AGI

D. The deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI

E. None of the choices are true.

1. When taxpayers donate cash and capital gain property to a public charity, the AGI percentage limitation is applied in the following order in 2020: Assume CARES Act applies.

A. a 30 percent of AGI limitation is applied to the aggregate donation.

B. no 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.

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. no 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.

E. donations to public charities are not subject to AGI limitations.