Monday, April 29, 2024
Major/Current Gifts

2.4.2 Basic Quiz -- Art Collections - Loans of Works of Art
When a donor allows an exempt organization to borrow artwork, the donor receives a deduction for the fair market value of the use of the art.
     True      False
If a donor passes away while a charity is borrowing his or her artwork, the estate receives a deduction based on the lack of marketability at the time of the donor's death.
     True      False
If a donor wishes to maintain full control over a piece of art, he or she cannot receive a tax deduction for allowing the charity to use the artwork.
     True      False
The only way for a donor to receive a deduction for a gift of artwork is to unconditionally give 100% of the artwork to the charity.
     True      False
By giving a fractional interest in artwork to a charity, a donor may receive a charitable deduction.
     True      False
Any gift of artwork where the donor claims a deduction of $5,000 or greater must be supported with a qualified appraisal.
     True      False
It may be necessary for the donor who is claiming a tax deduction for a gift of artwork to submit a photo or color transparency of the piece of art with the appraisal.
     True      False
If a donor gives a fractional interest in a piece of art, his or her charitable deduction may be reduced for lack of marketability.
     True      False
Once a piece of artwork is gifted to a charity for a charitable deduction, it is never permissible for the donor to have possession of that artwork.
     True      False
A charity must display an artwork donation immediately upon receiving it in order for the donor to be allowed a charitable deduction.
     True      False



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