Which of the following statement best describes the tax consequences of charitable gifting? * The maximum charitable deduction each year is 75% of income. * The maximum charitable deduction each year is 75% of income but in the year of death it can be 100%. The government encourages charitable donations by allowing a dollar for dollar reduction to a person's taxable income in the year the donation is made up to a 75% maximum. * A donation of stocks requires any capital gains to be paid before the donation is made