Question: 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 phase-out can first be carried back 3 years with any remaining amount carried forward for 5 years.