3.8.5 Basic Quiz -- Gift of Pooled Income Fund to Charity

In order to qualify for a charitable income tax deduction, a gift made to a pooled income fund is irrevocable.

True False

A donor's charitable income tax deduction for making a gift to a pooled income fund is equal to the present value of the income interest.

True False

In some cases, a donor may no longer need the income from a pooled income fund.

True False

It is possible for a donor to transfer his or her income interest in a pooled income fund to charity prior to death.

True False

In order for an income interest in a two-life pooled income fund to be transferred to charity, both the husband and wife must irrevocably assign their current and contingent income interests to charity.

True False

A donor may receive a charitable income tax deduction for the gift of his or her pooled income fund interest to charity.

True False

The transfer of an income stream is an excellent option for donors who desire charitable deductions now and no longer need increased income from their pooled income fund.

True False

The gift of an income interest to charity will require Form 8283 to be filed, and may require an appraisal.

True False

If a donor and charity are unhappy with the operation of the pooled income fund, it may be possible to convert the pooled income fund into a charitable gift annuity.

True False

In general, pooled income funds invest primarily in growth stocks.