If an individual taxpayer contributes ordinary income property to a qualiﬁed public charity, 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

If an individual taxpayer contributes ordinary income property to a qualified public charity, the deduction would be subject to 50 percent of the taxpayer's AGI limit. This limit applies to donations of appreciated property as long as the taxpayer has held the property for more than one year. However, the donated property's fair market value cannot exceed 30 percent of the taxpayer's AGI in any given year.

If an Individual Taxpayer Contributes Ordinary Income Property to a Qualiﬁed