Vinny's AGI Is $250,000

question 62

Multiple Choice

Vinny's AGI is $250,000.He contributed $200,000 in cash to the Boy Scouts, a public charity.What is Vinny's charitable contribution deduction for AMT purposes?

• A)$0
• B)$50,000
• C)$125,000
• D)$150,000

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Definitions:

Maximum Permissible

The highest amount or level of something that is allowed by legal or regulatory standards.

Commercially Impracticable

A legal principle that excuses a party from fulfilling a contract if unforeseen events make it extremely difficult or costly to do so.

Major Reconstruction

Involves significant rebuilding or making extensive repairs to a structure or infrastructure, usually to restore its usability or to improve its functionality.

Fixtures

Items that are originally personal property but become real property when attached in a permanent manner to real estate.