I had the Dalton review and I was under the assumption that it was 60% (Cash, Ordinary income property, short term gain, and all loss property) to public charities, as it is stated in the review book. I tried to find it on the IRS site and I can not find any clear cut answers. Hopefully the board will keep this in mind when they are reviewing our exams. I am nervous now!
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Joseph Warder
Student
Winthrop University
Lake Wylie SC
(803)322-7638
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Original Message:
Sent: 11-13-2018 14:16
From: Laura Genis
Subject: 50% or 60% for Public Charitable Deduction?
Hi,
I noticed this discrepancy between my Kaplan review course and my Dalton flashcards. I reached out to my Kaplan instructors who clarified that the 60% ONLY applies to cash and 50% remains the limit for all other types of property. The Dalton flashcards have an error in this regard. Hope that helps.
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Laura Genis
Investment Manager
Wells Fargo Bank, N.A.
Davenport IA
563.383.3221
Original Message:
Sent: 11-05-2018 17:14
From: Amanda Lewis
Subject: 50% or 60% for Public Charitable Deduction?
I have gotten conflicting answers on this question with the new tax laws and unsure where or not it would be a 50 or 60% tax deduction for Public and Private Operating Charities. Can anyone clarify? (ie for cash, income property, etc)
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Amanda Lewis
Portfolio Specialist
Fidelity Investments
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