Any capital asset donated to a public charity that would result in long-term capital gain if sold, is subject to the 30%-of-AGI ceiling limitation on charitable contributions for individuals.

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This statement is true. When an individual donates a capital asset to a public charity, such as stocks or property, the donation is subject to the 30% of AGI limitation on charitable contributions. This means that the individual can only deduct up to 30% of their adjusted gross income for that tax year. If the donation exceeds this limit, the excess amount can be carried forward for up to five years to offset future income. Also, if the asset has appreciated in value since acquisition, the donor can avoid paying capital gains taxes on the appreciation by donating it to a charity.

Any Capital Asset Donated to a Public Charity That Would