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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 15
Which of the following statements is not true regarding documentation requirements for charitable contributions?
A) If the total deduction for all noncash contributions for the year is more than $500, Section A of Form 8283, Noncash Charitable Contributions, must be completed.
B) A noncash contribution of less than $250 must be supported by a receipt or other written acknowledgement from the charitable organization.
C) A contribution charged to a credit card is a noncash contribution for purposes of documentation requirements.
D) A deduction of more than $5,000 for one property item generally requires that a written appraisal be obtained and attached to the return.
A) If the total deduction for all noncash contributions for the year is more than $500, Section A of Form 8283, Noncash Charitable Contributions, must be completed.
B) A noncash contribution of less than $250 must be supported by a receipt or other written acknowledgement from the charitable organization.
C) A contribution charged to a credit card is a noncash contribution for purposes of documentation requirements.
D) A deduction of more than $5,000 for one property item generally requires that a written appraisal be obtained and attached to the return.
Explanation
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a. If the total deduction for all noncas...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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