[Anonymous]

Willard, a single taxplayer, had $60,000 in AGI for 2012. During 2012 he contributed $25,000 to his church. He had a $15,000 charitable contribution carryover from his 2011 church contributions. What is the maximum amount of properly substantiated charitable contributions that Willad could claim as an itemized deduction for 2012?

Answer: 30,000 (limit to 50% of AGI which is $60,000)

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Ninja notes:

Charitable Contributions

LTCG Property + Property related to Charity

-Deduction for FMV of property

-Up to 30% of AGI

STCG Property + Property not related to Charity

-Deduction for Adjusted Basis in property

-Up to 50% of AGI

Ninja notes say its 30% of AGI and Wiley says its 50% of AGI. Am I missing something here?

[NYCaccountant]

30% applies to long term capital property.

50% applies to short term capital property and cash.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[NYCaccountant]

30% applies to long term capital property.

50% applies to short term capital property and cash.

FAR - 93
REG - 87
BEC - 84!!!!
AUD - 99!!!!!! CPA exam complete.

[Author]

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