Wednesday, May 1, 2024
Specific Property Gifts

4.10.1 Basic Quiz -- Proprietor Businesses
Only a small number of business owners operate as sole proprietors.
     True      False
Sole proprietors have limited liability for claims against their businesses.
     True      False
Corporate shareholders have limited liability for claims against the corporation.
     True      False
Many sole proprietors are covered by pension plans so they don't need to do a lot of personal retirement planning.
     True      False
Various charitable plans can be used to meet a sole proprietor's goals in retirement.
     True      False
Sole proprietors are often concerned with effective ways to turn their illiquid business assets into liquid assets.
     True      False
Capital gains are not a big concern for sole proprietors.
     True      False
An operating sole proprietorship may be transferred to a charitable remainder trust.
     True      False
A sole proprietor reports all of the business income and deductions on his personal tax return.
     True      False
An appraisal is required to substantiate a charitable gift of a sole proprietorship.
     True      False



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