Contribution in 30 category 25750 15000 maximum

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Unformatted text preview: 50,000) 30% x Sub-Limitations applied first 25,750 value of contribution in 30% category 25,750 (15,000) maximum deductible in current year (15,000) 10,750 carryover 10,750 Overall limitation ($25,000) is not reached Overall ($25,000) x Deduction: $5,000 + 15,000 = 20,000 x $10,750 carryover (subject to 30% AGI limitation) $10,750 42 Charitable Contributions EXAMPLE 2 Assume AGI = 50,000 and the art museum sells donated artwork for Assume operating funds. operating Item FMV Contributed Cash 1,000 Valuation of Contribution Church 15,000 300 Art Museum 300 300 450 Private, Non-Operating Foundation 450 450 50,000 50,000 A/B 15,000 Artwork O/I Property 500 Limitation Category Donee Type LTCG Prop 50,000 10,000 University TOTAL 50% 30% 15,000 15,000 50,750 43 Charitable Contributions EXAMPLE 2 Applying the limitations x 50% of AGI = 25,000 (50% x 50,000) 30% of AGI = 15,000 (30% x 50,000) 30% x Sub-Limitations applied first 50,750 value of contribution in 30% category 50,750 (15,000) maximum deductible in current year (15,000) x Ove...
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