7. For individuals, what is the overall deduction limitation on charitable contributions? What is the limitation...
7. For individuals, what is the overall deduction limitation on charitable contributions? What is the limitation of corporations?
A. The overall deduction limitation on charitable contributions for both individuals and corporations is 10% of taxable income computed without regard to the charitable contribution deduction or any NOL or capital loss carrybacks.
B. The overall deduction limitation on charitable contributions for individuals is 10% of the taxpayer's AGI for the year. The limitation for corporations is 60% of taxable income computed without regard to the dividends received the deduction, the charitable contribution deduction, or any NOL or capital loss carrybacks.
C. The overall deduction limitation on charitable contributions for both individuals and corporations is 60% of taxable income computed without regard to the charitable contribution deduction or any NOL or capital loss carrybacks.
D. The overall deduction limitation on charitable contributions for individuals is 60% of the taxpayer's AGI for the year (50% of AGI for the property). The limitation for corporations is 10% of taxable income computed without regard to the dividends received a deduction, the charitable contribution deduction, or any NOL or capital loss carrybacks.
Homework Answers
Option D is correct.
The overall deduction limitation on charitable contributions for individual's is 60% of the taxpayer's AGI for the year ( 50% of AGI for the property) . The limitation for corporation is 10% of taxable income computed without regard to the dividends received a deduction, or any NOL or capital loss carrybacks.
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