If an individual taxpayer contributes capital gain property to a qualiﬁed public charity and wants to deduct fair market value, the deduction would be subject to which of the following limits?
A) 20 percent of the taxpayer's AGI.
B) 30 percent of the taxpayer's AGI.
C) 40 percent of the taxpayer's AGI.
D) 50 percent of the taxpayer's AGI.

Question

Quizplus · Accepted Answer

The deduction for contributions of capital gain property to a qualified public charity is generally limited to 30 percent of the taxpayer's adjusted gross income (AGI).

If an Individual Taxpayer Contributes Capital Gain Property to a Qualiﬁed