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Shakira, a wealthy business woman, gave the following amounts to her alma mater: $7,500 for 30 season tickets for woman's basketball and $12,000 to its athletic foundation for preferential seating location and parking. The $7,500 is not deductible at all because the taxpayer is buying a product; but the $12,000 donation is limited to $8,000 (80% of $10,000) deduction.

User Alexxus
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1 Answer

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Question: True or False

Answer:

By The Tax Cuts and Jobs Act (TCJA) of 2017, the $12,000 donation is not deductible in any portion

User Karthic Rao
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