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Income Tax Planning
Chapter 7: Itemized Deductions/GIFTS OF CASH
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 7: Itemized Deductions

GIFTS OF CASH

01.Core Concepts

• Fully deductible subject to AGI limitations • Excess contributions carry forward: 5 years • Corporate deductions limited to 10% of taxable income • A 1% floor applies beginning in 2026 • Can move charitable deductions above-the-line • Contributions to institutions of higher education in return for a right to purchase tickets or seating at an athletic event: • No deduction is permitted.