Determining the Deduction for Contributions by Individuals

School: RGV College - Course: AC 3323 - Subject: Accounting

If the Type of Property Contributed Is:And the Property IsContributed to:The Contribution Is Measured by: But the Deduction Is Limited to: 1.Capital gain property (see Example 34) A 50% organizationFair market value of the property 30% of AGI 2.Ordinary income property (see Exampl e 30) A 50% organizationThe basis of the property 50% of AGI 3.Capital gain property (and the property is tangible personal property put to an unrelated use by the donee; see Exampl e 31) A 50% organizationThe basis of the property 50% of AGI 4.Capital gain property (see Example 32)A private nonoperating foundation that is not a 50% organization The basis of the propertyThe lesser of: 1.20% of AGI 2.50% of AGI minus other contributions to 50% organization s 5CashA 50% Amount of 60% of AGI

If the Type of Property Contributed Is:And the Property IsContributed to:The Contribution Is Measured by: But the Deduction Is Limited to: .organizationcash(100% for 2020 and 2021)