Saturday, April 27, 2024
Taxation and Giving

1.1.3 Basic Quiz -- Deduction Limits - 60%, 50%, 30%, 20%
Typically, a donor's contribution base is the same as a donor's adjusted gross income.
     True      False
Cash contributions to public charities are deductible up to 30% of AGI.
     True      False
Any excess deductions are not allowed because they exceed the applicable AGI limit and are lost forever.
     True      False
Gifts of appreciated property (i.e., long-term capital gain property) to public charities are deductible up to 30% of AGI.
     True      False
Tangible personal property includes things such as land and buildings.
     True      False
Short-term capital gain property is deductible up to 50% of AGI.
     True      False
A cash gift into a charitable lead trust for the benefit of a public charity is deductible up to 50% of AGI.
     True      False
As with cash gifts to public charities, cash gifts to private foundations are deductible up to 60% of AGI.
     True      False
A donor receives a fair market value deduction for gifts of land and closely held stock to private foundations.
     True      False
Cash gifts from C corporations are subject to the 60% AGI limitation.
     True      False



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