Hi,
I have a question regarding to CHARITABLE CONTRIBUTION part in REG.
I used Yaeger and he explained lecture...
1. cash --> can deduct upto amount of cash --> limited to 50% of AGI
2. Intanglible property (appreciated in value)
a) LT cap gain ---> deductible FMV upto 30% of AGI
b) ST gap gain ---> deductible adj BASIS upto 50% AGI
3. tangible personal property(generally LT)
a) related to donee's function ---> deductible FMV up to 30% of AGI
b) not related to donee's function ---> deductible ADJ BASIS up to 50% of AGI
**for every item where there's deduction of FMV & limit is 30% of AGI, you can make election to increase the limit to 50% of AGI & deduction is ADJ BASIS.
However, my question is that I saw some other material and they explained a bit differently and it had 20% of AGI limit as well. so I am confused which one to folllow. can anyone help me with this????? Thanks!
FARE(aiming to take it in End of January 2012)
