[passthecpa]

Hi,

I have a question regarding to CHARITABLE CONTRIBUTION part in REG.

I used Yaeger and he explained lecture…

1. cash –> can deduct upto amount of cash –> limited to 50% of AGI

2. Intanglible property (appreciated in value)

a) LT cap gain —> deductible FMV upto 30% of AGI

b) ST gap gain —> deductible adj BASIS upto 50% AGI

3. tangible personal property(generally LT)

a) related to donee’s function —> deductible FMV up to 30% of AGI

b) not related to donee’s function —> deductible ADJ BASIS up to 50% of AGI

**for every item where there’s deduction of FMV & limit is 30% of AGI, you can make election to increase the limit to 50% of AGI & deduction is ADJ BASIS.

However, my question is that I saw some other material and they explained a bit differently and it had 20% of AGI limit as well. so I am confused which one to folllow. can anyone help me with this????? Thanks!

REG (11/28/2011) - 88!
FARE(aiming to take it in End of January 2012)