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§ 7.7 ELECTABLE 50 PERCENT LIMITATION2. The amount by which 50 percent of the donor’s contribution base for thesucceeding tax year involved exceeds the sum of The charitable contributions made (computed without regard to the carryoverrules) to public charitable organizations by the donor in the year, The charitable contributions of capital gain property, made to publiccharitable organizations in years preceding the contribution year, that,pursuant to the carryover rules, are treated as having been paid to apublic charitable organization in the succeeding year involved, and The charitable contributions made to public charitable organizations,other than contributions of capital gain property, that, pursuant to thegeneral carryover rules, are treated as having been paid to a publiccharitable organization in the succeeding year.3. In the case of the first tax year succeeding the contribution year, theamount of the excess charitable contribution of capital gain property inthe contribution year.4. In the case of the second, third, fourth, and fifth tax years succeeding thecontribution year, the portion of the excess charitable contribution of capitalgain property in the contribution year that has not been treated aspaid to a public charitable organization in a year intervening between thecontribution year and the succeeding tax year involved.For purposes of applying the first and second of these amounts, the amount ofcharitable contributions of capital gain property actually made in a year succeedingthe contribution year is determined by first applying the 30 percent limitation.If a donor, in any one of the four tax years succeeding a contribution year,elects to utilize the standard deduction instead of itemizing the deductionsallowable in computing taxable income, the return in such a year must be treatedas paid (but not allowable as a deduction), in the year the standard deduction isused, the lesser of the above four amounts. 66§ 7.7 ELECTABLE 50 PERCENT LIMITATIONThe federal tax law provides an opportunity for an individual donor to electapplication of the 50 percent limitation where the 30 percent limitation wouldotherwise apply.(a) General RulesAn individual donor may elect, for any tax year, to reduce his or her potentialfederal income tax charitable contribution deduction, occasioned by the gift orgifts of capital gain property to charity made during the tax year, by the amountof what would have been long-term capital gain had the property been sold, inexchange for use of the 50 percent limitation. 67 This election may be made with66 Reg. § 1.170A-10(c)(2). The rationale for this rule is discussed above, text following reference to note 51.67 IRC § 170(b)(1)(C)(iii); Reg. § 1.170A-8(d)(2). 201