A taxpayer has made substantial donations of both cash and capital gain property.Due to lower income this year,the taxpayer could exceed the charitable contribution ceilings.The taxpayer will apply the 50% AGI ceiling before applying the 30% AGI ceiling.

Question

Quizplus · Accepted Answer

The tax law does specify an ordering of application of the 50% of AGI limitation first,followed by the 30% ceiling.

A Taxpayer Has Made Substantial Donations of Both Cash and Capital