1.1.2 Basic Quiz -- When is a Gift Deductible?

A gift to charity is deductible at the time the donor promises to make a gift.

True False

The transfer and title to property are normally governed under state law.

True False

Checks are not deductible until the check clears the bank.

True False

Gifts made with credit cards are immediately deductible.

True False

Securities may be transferred by hand delivery, electronic delivery, or through the mail.

True False

Mailing securities through the U.S. mail does not constitute a completed gift until received by charity.

True False

Transferring shares of stock from a donor's account to a charity's account within the same financial institution is a time efficient way to complete a stock gift.

True False

In some states, legal title to real estate passes when a valid deed is delivered from one party to another party.

True False

A gift of an option to charity produces an immediate deduction.

True False

For a gift of art to be deductible, the charity must receive possession and title.