Vinny's AGI is $220,000.He contributed $130,000 in cash to the Boy Scouts, a public charity.What is Vinny's charitable contribution deduction for AMT purposes?
A)$0.
B)$66,000.
C)$110,000.
D)$130,000.
E)None of the above.

Question

Quizplus · Accepted Answer

For AMT purposes, the charitable contribution deduction is limited to 50% of the taxpayer's AGI. Therefore, Vinny can deduct up to $110,000 (50% of $220,000).

Vinny's AGI Is $220,000