Thursday, May 2, 2024
Taxation and Giving

1.1.1 Basic Quiz -- Gift or No Gift?
Gifts to charities are deductible because they serve the private interests of donors.
     True      False
Gifts to friends, family and the needy are deductible if the gift was motivated by charitable intent.
     True      False
Gifts may be made for a designated purpose, such as providing scholarships to students who meet certain criteria.
     True      False
When a donor personally benefits from a transfer to charity (i.e., receives goods or services in exchange for the gift), the deduction may be lost or reduced.
     True      False
Gifts of partial interests in property are not deductible, subject to some exceptions.
     True      False
A lawyer who donates her legal services to charity may take a charitable deduction for the fair value of her time.
     True      False
A donor's offer of the use of his lake house rent-free for charity events produces a charitable deduction.
     True      False
The "No Smile" rule requires volunteers to report to the IRS any fun they had while working for a charity.
     True      False
"Quid Pro Quo" gifts or gifts with benefits transferred to donors, if not properly accounted for, can result in the imposition of penalties by the IRS upon donors and charities.
     True      False
A deductible gift to charity may not be subject to substantial contingencies.
     True      False



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