Which of the following is a true statement?
A) the deduction of cash contributions to public charities is limited to 30 percent of AGI.
B) the deduction of capital gain property to private nonoperating foundations is limited to 50 percent of AGI.
C) the deduction of capital gain property to public charities is limited to 20 percent of AGI.
D) the deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI.
E) None of these is true.

Question

Quizplus · Accepted Answer

The correct statement is that the deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI. Choice A is false because the deduction for cash contributions to public charities is limited to 60 percent of AGI. Choice B is false because the deduction of capital gain property to private nonoperating foundations is limited to 30 percent of AGI. Choice C is false because the deduction of capital gain property to public charities is limited to 30 percent of AGI. Therefore, the only true statement is choice D.

Which of the Following Is a True Statement