Some Contributions Are Limited to 50% of the Taxpayer's AGI,others

question 104

Multiple Choice

Some contributions are limited to 50% of the taxpayer's AGI,others may be limited to a lower % of AGI.Deductions to which of the following organizations are subject to the 50% limitation on deductible contributions?

• A)Churches and conventions of organizations of churches and educational organizations.
• B)Hospitals and certain medical research organizations associated with these hospitals.
• C)Rotary,Elks,and Lions Clubs who raise money for public causes.
• D)Both a and b.

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Definitions:

Fairness

A person’s opinion as to whether a price, wage, or allocation is considered morally or ethically acceptable.

Systematic Errors

Suboptimal choices that (1) are not rational because they do not maximize a person’s chances of achieving his or her goals and (2) occur routinely, repeatedly, and predictably.

Self-Interested

Acting in a way that is most beneficial to oneself, often used in the context of economic behavior assuming individuals act to maximize their own welfare.

Willpower

The ability to resist short-term temptations in order to meet long-term goals.