Thursday, May 2, 2024
Major/Current Gifts

2.2.1 Basic Quiz -- Gift/Sale of Land
In a gift and sale, it is permissible for the donor to have a binding sales agreement with a buyer before the property is gifted to the charity.
     True      False
Before accepting property, a charity should check to see if there is debt on the property, whether there is a good title and if there are any environmental considerations.
     True      False
When a donor gifts an undivided interest in property to a charity, he or she must prorate the basis between the part retained and the gift to charity.
     True      False
If a donor wishes to give a divided interest in real property, he or she must first create a separate title for that property in order to receive a charitable deduction.
     True      False
When a donor gives to charity less than a 50% interest in property, the IRS may require a minority discount to be taken on the charitable deduction.
     True      False
In a gift and sale of real property, the donor actually transfers an individual interest in the property to the charity by deed.
     True      False
By choosing a gift and sale, a donor may be able to sell the property without paying any capital gains tax.
     True      False
After a gift of part of a property, the joint sale by the charity and donor is easier if the buyer is negotiating with only one party, typically the charity.
     True      False
The charitable deduction from a gift of appreciated property is usable by the donor up to 30% of his or her adjusted gross income.
     True      False
If prior accelerated deprecation was taken on the real property used in a gift and sale, the charitable deduction will be reduced.
     True      False



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