Thursday, May 9, 2024
Taxation and Giving

1.5.2 Basic Quiz -- Form 8283 and Appraiser Qualifications
To substantiate a charitable gift, a receipt from the charity is required for gifts of $50 or more.
     True      False
A "quid pro quo" is where a donor illegally ellicits an excessively high appraisal from a professional appraiser in order to produce a larger charitable deduction.
     True      False
A "quid pro quo" gift that exceeds $75 or more is not allowed by the Tax Code.
     True      False
The gift receipt from the charity must be received at the time of the charitable contribution.
     True      False
A noncash charitable contribution of $250 does not trigger the filing requirement of Form 8283.
     True      False
A transfer of $7,500 of closely-held stock or $100,000 of publicly-traded stock does not require an appraisal.
     True      False
A noncash gift that is not publicly-held or closely-held stock requires a qualified appraisal if the value exceeds $5,000.
     True      False
To ensure a correct and proper valuation, an appraisal must be made at the time of the gift.
     True      False
If an appraisal is required, the appraiser and the charitable donee must sign Form 8283.
     True      False
A donor must file Form 8282 if the contributed property is subsequently sold by the charity.
     True      False



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