Using the legend provided, classify each statement accordingly.
-All of the appreciation on ordinary income property donated to charity can be claimed as a deduction.

Question

Quizplus · Accepted Answer

The statement is incorrect for both individuals and C corporations. The amount of appreciation that can be claimed as a deduction for donated property is subject to various limitations and rules, depending on the type of property and the type of charitable organization. Generally, the deduction for donated property is limited to the donor's basis in the property (i.e., cost) rather than the appreciated value, unless specific conditions are met.

Using the Legend Provided, Classify Each Statement Accordingly