Saturday, May 4, 2024
Taxation and Giving

1.6.1 Basic Quiz -- Gift Substantiation
To substantiate a charitable gift, a receipt from the charity is required for gifts of $50 or more.
     True      False
A "quid pro quo" gift that exceeds $75 or more is not allowed by the Tax Code.
     True      False
A gift of services by the charity to the donor is an exception to the "quid pro quo" rules.
     True      False
The gift receipt from the charity must be received at the time of the charitable contribution.
     True      False
A lawyer who donates her legal services to charity may take a charitable deduction for the fair value of her time.
     True      False
A volunteer may deduct expenses directly related to his or her work with the charity.
     True      False
Because a gift to a charitable remainder unitrust or annuity trust is a complex type of gift, a donor must obtain a gift receipt from the charity briefly describing the transfer.
     True      False
Because a gift to a pooled income fund or charitable gift annuity is a gift to a charity, a donor must obtain a gift receipt from the charity briefly describing the transfer.
     True      False
A noncash charitable contribution of $250 does not trigger the filing requirement of Form 8283.
     True      False
A noncash contribution of $1,000 requires the filing of Form 8283 and a qualified appraisal.
     True      False



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