Can anybody explain "charitable contributions" in the first sentence and "charitable contributions" in the second one for me, please? Are they the same thing? Why does IRS allow in the first sentence, but "he wouldn't be able to use a carryforward" in the second one. Is that because the amount of money he's giving away is TOO BIG? I am confused.
"The IRS allows charitable contributions in excess of the 50% limit to be carried forward for up to five years, but Buffett has never carried a deduction forward, and says he never will. In the case of charitable contributions, since he's donating billions of dollars every year, he wouldn't be able to use a carryforward even if he wanted to at this point."