1.1.5 Basic Quiz -- Gifts of Partial Interests in Property

Donors who wish to give only a partial interest in their property to charity (as opposed to their entire interest) risk receiving no charitable deduction.

True False

A gift to a nonprofit of the right to use land for a period of time with the donor retaining the ownership of the land is an example of a nondeductible partial interest gift.

True False

A gift of an undivided interest in real property is a nondeductible partial interest gift.

True False

An undivided interest gift could be a fractional interest defined as a percentage of each year.

True False

A charitable remainder unitrust and a charitable remainder annuity trust are deductible gifts even though a donor retains an interest in the trusts.

True False

A gift to charity of a remainder interest in a home or farm is a deductible gift.

True False

A farm is land that is used for the production of agricultural products.

True False

A donor may retain a term of years life estate in a home or farm.

True False

A transfer of a qualified conservation easement to charity is a nondeductible partial interest gift.

True False

Qualified farmers and ranchers may deduct 100% of the excess of the taxpayer's contribution base over the amount of all other allowable charitable contributions.