The Julius Trust made a gift to the United Charity on August 1, Year Two, from its Year One business profits. The trust's charitable contribution deduction can be claimed in Year Two.

Question

Quizplus · Accepted Answer

Charitable contributions made by taxpayers in a particular tax year can generally be claimed as a deduction on their tax returns for that same year. Therefore, the Julius Trust can claim the deduction for its gift to the United Charity in Year Two, which is the same year the gift was made.

The Julius Trust Made a Gift to the United Charity