Skip to Main Content
GiftLaw Pro
Charitable Giving & Tax Information Service
Back to Gift Planning Website
GiftLaw Pro Home   >  Chapter 1 - Taxation and Giving  >  1.1 Income Tax Deductions  >  1.1.3 Deduction Limits - 60%, 50%, 30%, 20%  >  Basic Quiz

Basic Quiz - 1.1.3 Deduction Limits - 60%, 50%, 30%, 20%

1. Typically, a donor's contribution base is the same as a donor's adjusted gross income.
           
2. Cash contributions to public charities are deductible up to 30% of AGI.
           
3. Any excess deductions are not allowed because they exceed the applicable AGI limit and are lost forever.
           
4. Gifts of appreciated property (i.e., long-term capital gain property) to public charities are deductible up to 30% of AGI.
           
5. Tangible personal property includes things such as land and buildings.
           
6. Short-term capital gain property is deductible up to 50% of AGI.
           
7. A cash gift into a charitable lead trust for the benefit of a public charity is deductible up to 50% of AGI.
           
8. As with cash gifts to public charities, cash gifts to private foundations are deductible up to 60% of AGI.
           
9. A donor receives a fair market value deduction for gifts of land and closely held stock to private foundations.
           
10. Cash gifts from C corporations are subject to the 60% AGI limitation.