Wednesday, May 8, 2024
Major/Current Gifts

2.2.2 Basic Quiz -- Gift/Sale of Stock
Gifting of stock by a donor can be an easy process.
     True      False
When a donor gifts stock outright, he or she will completely bypass the capital gain in that stock.
     True      False
It may be possible for the donor to gift some shares of stock to charity and sell some shares on his or her own without paying any capital gains tax.
     True      False
If the capital gain in shares of stock is short-term capital gain, the donor still gets a deduction for the fair market value of the stock.
     True      False
If the capital gain in shares of stock is short-term capital gain, the donors do not get to bypass the capital gain.
     True      False
Appreciated stock held one year or less would produce short-term capital gain upon sale.
     True      False
Closely held shares of stock may not be gifted to charity for a tax deduction.
     True      False
For gifts of closely held stock where the deduction claimed is greater than $5,000, the donor needs to have an appraisal.
     True      False
The deduction for a gift of publicly traded stock is the mean of the high and the low sales on the date of the gift.
     True      False
Closely held stock may be discounted for a minority interest or for lack of marketability.
     True      False



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