All the following statements are correct statements regarding charitable contributions, except? A. Ordinary income property will always have a valuation limit as the lesser of FMV or basis. B. If the basis election is used for long-term capital gain property that is going to a 50% organization, the AGI limit is also 50%. C. Donating use of unrelated personal property will only allow for the basis to be deducted and not the FMV..... D. The amount that exceeds the AGI phaseout can first be carried back 3 years with any remaining amount carried forward for 5 years.

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The incorrect statement regarding charitable contributions is B I... View the full answer