Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-09-2008, 11:35 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
What is the Special 30% Limit for Capital Gain Property made to 50% Limit Org's?.

What is the Special 30% Limit for Capital Gain Property made to 50% Limit Organizations?

The IRS has further imposed a "special 30% limit applies to gifts of capital gain property to 50% limit organizations".

This complex rule of contributions of capital gain property subject to the special 30% limit, results in the contribution deduction equal to the lesser of:

1. 30% of adjusted gross income, or

2. 50% of adjusted gross income minus your other contributions to 50% limit organizations.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Which Organizations qualify for the 30% Limit on AGI? TaxGuru Itemized Deductions 0 07-09-2008 11:22 AM
Which Organizations qualify for the 50% Limit on AGI? TaxGuru Itemized Deductions 0 07-09-2008 11:17 AM
What is the limit for a Childs ROTH IRA Contribution? TaxGuru For 2008 0 06-06-2008 07:44 AM
Contribution limit of an officer to his/her own non-profit organization canrocky Non-Profit Organisation 0 05-11-2008 11:28 PM
Charitable Contribution limit for C Corporations! bookkeeping C-Corporation 1 01-29-2007 10:43 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning