Gifts to Qualified Charitable Organizations May Be Deducted as a Contribution,but

question 72

True/False

Gifts to qualified charitable organizations may be deducted as a contribution,but not to exceed 50% of an individual taxpayer's adjusted gross income.

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Definitions:

Reasonable Care

The degree of caution and concern an ordinarily prudent and rational person would use in similar circumstances, typically used in legal contexts.

Voidable Contract

An agreement that may be annulled or declared void by one of the parties due to certain legal deficiencies or circumstances.

Rescinded

The act of revoking, canceling, or repealing a contract, decision, or agreement, making it as if it never existed.

Scienter

Deliberately or knowingly.