Explain briefly the difference between a charitable contribution deduction consisting of (i) either ordinary income property or STCG (short-term capital gain) property vs. (ii) LTCG (long-term capital gain) property [which, as you know, is just about everything you own].

Explain briefly the difference between a charitable contribution deduction consisting of (i) either ordinary income property or STCG (short-term capital gain) property vs. (ii) LTCG (long-term capital gain) property [which, as you know, is just about everything you own].

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter20: Corporations And Partnerships

Section: Chapter Questions

Problem 9DQ

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Note: We’re not talking about cash here.

Definition Definition Increase in the value of a capital asset and the amount that is realized when the asset is sold off. A capital gain may be short-term or long-term depending on the tenure for which the asset is held.

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