Contributions to Public Charities in Excess of 50% of AGI

question 66

True/False

Contributions to public charities in excess of 50% of AGI may be carried back 3 years or forward for up to 5 years.

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Definitions:

Negotiation

The process of discussing terms in order to reach a mutual agreement, often in the context of contracts or dispute resolutions.

Assignment

The transfer of rights, property, or responsibilities from one party to another, either permanently or temporarily.

Contractual Liability

The responsibility and obligations that a party is subject to under the terms of a contract.

Without Recourse

A phrase indicating that the holder of a financial instrument cannot demand payment from the originator if the instrument fails to pay.