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Fernando started a nonprofit that provides services to start-up ventures that is based in New...

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Accounting

Fernando started a nonprofit that provides services to start-up ventures that is based in New York. He is concerned that his donors may reduce their giving because of a recent tax law. What is the basis of the law?

a. Contributions for charitable purposes are no longer tax deductible.

b. Tax incentives for contributions from very wealthy people have been restricted.

c. Only those with incomes under $250,000 can claim charitable tax deductions.

d. Charitable contributions must meet a strict set of rules that must be approved by a committee before they can be deducted.

e. Only charitable contributions of more than $10,000 are deductible.

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