Friday, May 3, 2024
Taxation and Giving

1.6.3 Basic Quiz -- "Quid Pro Quo" Gifts
Charities may honor their donors but may not provide them with goods or services.
     True      False
"Quid pro quo" is where a donor illegally elicits an excessively high appraisal from a professional appraiser to produce a larger charitable deduction.
     True      False
A "quid pro quo" gift that exceeds $75 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
A volunteer may deduct expenses directly related to his or her work with the charity.
     True      False
"Quid pro quo" is a Latin term that means "this for that."
     True      False
In valuing a "quid pro quo" gift, the charity must use the comparative sales method because it is deemed the most accurate.
     True      False
According to the Tax Code, a "quid pro quo" contribution is treated as a part sale/part gift transaction.
     True      False
A charity naming a building after a donor who has made a substantial gift is an example of a "quid pro quo" gift.
     True      False
A charity providing a college education to a donor's child in exchange for the full payment of tuition by the donor is an example of a "quid pro quo" gift.
     True      False



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