Which of the following is a true statement?
A)The deduction of cash contributions to public charities is limited to 30 percent of AGI
B)The deduction of capital gain property to private nonoperating foundations is limited to 50 percent of AGI
C)The deduction of capital gain property to public charities is limited to 20 percent of AGI
D)The deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI
E)None of the choices are true.

Question

Quizplus · Accepted Answer

The other statements are false. The deduction of cash contributions to public charities is limited to 60 percent of AGI, the deduction of capital gain property to private nonoperating foundations is limited to 30 percent of AGI, and the deduction of capital gain property to public charities is limited to 30 percent of AGI. Therefore, the correct statement is that the deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI.

Which of the Following Is a True Statement