Thursday, May 2, 2024
Taxation and Giving

1.1.4 Basic Quiz -- Gift Reduction Rules
Gifts of cash are subject to the reduction rules under Sec. 170.
     True      False
The value of an item for charitable deduction purposes is determined by what the donor thinks the property is worth.
     True      False
Gifts of inventory are usually limited to cost basis.
     True      False
A gift of short-term capital gain property is deductible at cost basis.
     True      False
In general, a gift of long-term capital gain real property to a private foundation is deductible at fair market value.
     True      False
A gift of tangible personal property always produces a deduction equal to the property's cost basis.
     True      False
Examples of tangible personal property include yachts, cars, sculptures and paintings.
     True      False
Depreciation recapture on certain items can reduce a donor's charitable deduction.
     True      False
A lawyer who offers his or her services to a charity for free is allowed a charitable deduction for the fair market value of his or her time.
     True      False
A donor who allows charity the free use valuable art is entitled to a deduction for the fair market rental value of those items.
     True      False



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