Saturday, May 4, 2024
Specific Property Gifts

4.1.1 Basic Quiz -- Gifts of Art
Artwork is considered tangible personal property.
     True      False
If an artist creates a painting, the painting is a capital asset in the hands of the artist.
     True      False
A donor who places any restrictions upon a gift of artwork will not be entitled to an income tax deduction.
     True      False
If the donor collects and holds the art it is an ordinary income asset in the hands of the donor.
     True      False
A dealer in artwork may treat his or her inventory of artwork as a capital asset.
     True      False
In order to qualify as a long-term capital gain asset, a donor must hold artwork for at least five years and one day.
     True      False
A deductible gift of artwork to charity must not be subject to significant contingencies or rights of reversion.
     True      False
Tangible personal property includes things such as land, buildings and stocks.
     True      False
Gifts of the use of artwork are tax deductible.
     True      False
The transfer and title to artwork is normally governed under state law.
     True      False



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