The Griffin Trust makes a gift of long-term capital gain property to a qualifying charity. Griffin's entity-level deduction cannot exceed 30% of distributable net income.

Question

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The Griffin Trust's deduction for a gift of long-term capital gain property to a qualifying charity is generally limited to 30% of the trust's adjusted gross income (AGI), not distributable net income. This is a specific rule for charitable contributions of capital gain property by trusts.

The Griffin Trust Makes a Gift of Long-Term Capital Gain