Sunday, April 28, 2024
Taxation and Giving

1.3.3 Basic Quiz -- Charitable Estate Deductions
A bequest of cash to a public charity is subject to the 60% deduction limit.
     True      False
A bequest of appreciated property to a public charity is subject to the 30% deduction limit.
     True      False
Bequests to foreign charities are not deductible gifts because public policy prefers to encourage gifts to domestic charities.
     True      False
Certain expenses may reduce an estate tax charitable deduction.
     True      False
The creation and funding of the typical QTIP trust is taxable because children will eventually receive the property from the trust.
     True      False
A QTIP trust can be designed to distribute assets to charity instead of children at the surviving spouse's death.
     True      False
The value of a charitable remainder trust (CRT), that pays to the donor and any other person is includable in the estate tax calculation.
     True      False
The value of a testamentary charitable lead trust (CLT) is includable in the estate tax calculation.
     True      False
IRD stands for Internal Revenue Department.
     True      False
If a donor intends on making bequests to charity, then the gift of an IRD asset is an excellent tax-wise decision.
     True      False



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