Which of the Following Is a True Statement

question 60

Multiple Choice

Which of the following is a true statement?

• A) the deduction of cash contributions to public charities is limited to 30 percent of AGI.
• B) the deduction of capital gain property to private nonoperating foundations is limited to 50 percent of AGI.
• C) the deduction of capital gain property to public charities is limited to 20 percent of AGI.
• D) the deduction of cash contributions to private nonoperating foundations is limited to 30 percent of AGI.
• E) None of the choices are true.

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Definitions:

Outputs

The products, services, or results generated from an organization's processes, systems, or activities.

Corporations

Legal entities that are separate from their owners, with rights and liabilities distinct from those of its shareholders, and can enter contracts, own assets, and pay taxes.

Proprietorships

A sole proprietorship is a type of business entity that is owned and operated by one individual, with no legal distinction between the owner and the business.

Services

Economic activities offered by one party to another, often involving the provision of expertise or labor.