Thursday, May 2, 2024
Deferred Gifts

3.3.7 Basic Quiz -- Annuity Contract to Charity
A gift annuity contract cannot be assigned to anyone except the charity.
     True      False
To assign a gift annuity contract to the charity, the annuitant must make a written declaration of his or her intent.
     True      False
There is no further deduction when the annuitant assigns the gift annuity contract to the charity because the donor took a deduction at the time the gift annuity was created.
     True      False
The deduction calculation for determining the present value of the gift annuity contract to charity is similar to the original deduction calculation.
     True      False
The deduction for assigning an annuity contract to charity is always usable up to 60% of the donor's adjusted gross income.
     True      False
When calculating the present value for an assigned annuity, you must use the current month's Applicable Federal Rate.
     True      False
A gift annuity contract is a bargain sale to the charity.
     True      False
Gift annuities are simply contracts between the donor and the charity.
     True      False
Each state has its own law governing contracts.
     True      False
The deduction for a gift annuity is the value of the charitable gift portion of the bargain sale.
     True      False



© Copyright 1999-2024 Crescendo Interactive, Inc.