Which does not accurately describe charitable contribution deduction of a trust

Question

Which does not accurately describe charitable contribution deduction of a trust computed on schedule a of 1041 Limited to 50 percent of estates agi Must be authorized by the trust Must be made from amounts included in gross income May elect to claim in the year prior Which does not accurately describe charitable contribution deduction of a trust computed on schedule a of 1041 Limited to 50 percent of estates agi Must be authorized by the trust Must be made from amounts included in gross income May elect to claim in the year prior Limited to 50 percent of estates agi Must be authorized by the trust Must be made from amounts included in gross income May elect to claim in the year prior

Explanation / Answer

Answer is The last option: May elect to claim in the year prior.

Explanations: To Claim a deduction for charitable contribution, first three statements are in line with the requirements as per the provisions of the Act. It must be authorized by the trust, it is limited to 50% of AGI and it must be made ffrom amounts included in the gross total income, but it is not true that the assessee may elect to claim the deduction in the year prior.

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.