Charitable

Question 1

When a charitable contribution of tangible, use-related property is made to a qualifying public charity, the maximum deduction permitted when selecting the FMV of the asset is _____ of the taxpayer’s AGI.

Answer 1

30%

Question 2

When a charitable contribution of tangible, use-related property is made to a qualifying public charity, the maximum deduction permitted when selecting the basis of the asset is _____ of the taxpayer’s AGI.

Answer 2

50%

Question 3

When a charitable contribution of tangible, use-unrelated property is made to a qualifying public charity, and the basis of the asset is lower than the FMV, the maximum charitable contribution is _____ of the taxpayer’s AGI.

Answer 3

50%

Question 4

The AGI limitation for LTCG property donated to a public charity when the basis election is made is _____

Answer 4

50%.

Question 5

The maximum annual deductible amount for cash contributions made to public charities is _____of AGI.

Answer 5

60%

Question 6

The maximum annual donation for LTCG property donated to a Private Foundation when the FMV election is made is ____of AGI.

Answer 6

20%

Question 7

Donors are responsible for obtaining a written acknowledgment from a charity for any single contribution of ____or more before the donors can claim a charitable contribution on their federal income tax returns.

Answer 7

$250

Question 8

For a contribution to a charity valued from ____ to ____, the only recordkeeping requirement is a donor letter.

Answer 8

$250 to $500

Question 9

When a charitable contribution of tangible, use-unrelated property is made to a qualifying public charity and the FMV of the asset is lower than its basis, the maximum charitable contribution is ___ of the taxpayer’s AGI.

Answer 9

30%

Question 10

For a contribution to a charity valued from ____ to ____, the only recordkeeping requirement is a receipt.

Answer 10

$0 to $249

Question 11

Mileage rate for charitable

Answer 11

.14