A taxpayer has made substantial donations of both cash and capital gain property public charities.Due to lower income this year,the taxpayer could exceed the charitable contribution ceilings.The taxpayer will apply the 60% AGI ceiling before applying the 30% AGI ceiling.

Question

Quizplus · Accepted Answer

The taxpayer can apply the 60% AGI ceiling first before applying the 30% AGI ceiling, in order to maximize their charitable contribution deduction.

A Taxpayer Has Made Substantial Donations of Both Cash and Capital