When taxpayers donate cash and capital gain property to a public charity, the AGIpercentage limitation is applied in the following order:
A) a 50 percent of AGI limitation is applied to the cash donation and a 20 percent of AGI limitation is applied to the fair market value of the capital gain donation.
B) donations to public charities are not subject to AGI limitations.
C) a 30 percent of AGI limitation is applied to the cash donation and a 20 percent of AGI limitation is applied to the fair market value of the capital gain donation.
D) a 50 percent of AGI limitation is applied to the cash donation and the fair market value of the capital gain donation is subject to the lesser of a 30 percent of AGI limitation or a 50 percent of AGI limitation after subtracting the cash contributions.
E) a 30 percent of AGI limitation is applied to the aggregate donation.
Correct Answer:
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