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During the current year, Maura reports AGI of $205,000. As part of some estate planning, she donates $26,000 to her alma mate

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Answer #1

Limitations on Deductions

Contributions made to public and private foundations may be deducted from the donor’s federal income tax if the donor is an individual or corporation. The amount of the deduction is subject to certain limits under federal tax law.

Generally, gifts to public charities receive more favorable tax treatment than gifts to private foundations. For example, charitable cash donations are deductible at up to 50 percent of the taxpayer’s adjusted gross income (AGI) when given to public charities, but the same gift to a private foundation is deductible at a rate of only 30 percent of AGI.

Part a

total deduction=$26000+$61500=$87500

Part b

Total deduction=$51000+61500=112500

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