In the Year of Her Death, Maria Made Significant Charitable

question 47

True/False

In the year of her death, Maria made significant charitable contributions of capital gain property.In fact, the amount of the contributions exceeds 30% of her AGI.Maria's executor can elect to deduct charitable contributions of up to 50% of Maria's AGI on Maria's final income tax return.

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Definitions:

Double Declining-balance

An accelerated method of depreciation where the book value of an asset is reduced at double the rate of its straight-line depreciation.

Net Income

The amount of profit remaining after all expenses, taxes, and costs have been subtracted from total revenues.

Units-of-production Method

A method of depreciation that allocates the cost of an asset based on its usage, production, or units of activity rather than the passage of time.