1.6.4 Basic Quiz -- Property Gifts

The value of an item for charitable deduction purposes is determined by what the donor thinks the property is worth.

True False

Any person with bookkeeping skills can value a family business.

True False

The valuation of real estate should take into account factors such as zoning requirements and comparable sales.

True False

In choosing an appraiser, donors must select one certified as a Member of the Appraisal Institute (MAI) or by another nationally recognized organization for appraisers.

True False

A gift of property may be reduced in value if environmental problems are present.

True False

The overvaluation by donors of gifts of art to charities is a frequent audit item of the Internal Revenue Service.

True False

Examples of tangible personal property include yachts, Ferraris, sculptures, stamp collections and paintings.

True False

To ensure a correct and proper valuation, an appraisal must be made at the time of the gift.

True False

A donor must file Form 8282 if the contributed property is subsequently sold by the charity.

True False

A gift of tangible personal property always produces a deduction equal to the property's cost basis.