Sunday, April 28, 2024
Specific Property Gifts

4.12.2 Basic Quiz -- Family Business Stock
In recent history, most job creation has come from large companies.
     True      False
Family owned companies are always structured as S corporations.
     True      False
A family business owner can either give business stock to charity or cause the business to give its assets directly to charity.
     True      False
The majority of family businesses are sold rather than passed on to family members.
     True      False
When a business owner transfers the family business to another family member, a family/business succession plan is required.
     True      False
Planning issues raised by transfers of family businesses are generally the same regardless of whether the business is structured as a C Corporation or S Corporation.
     True      False
A combination gift and sale may allow a family business owner to completely bypass capital gain on the sale portion of his or her business.
     True      False
The 30% AGI limitation applies to all charitable gifts involving long term capital gain (LTCG) shares of a family business.
     True      False
If a family business wants to redeem stock shares from a charity following a gift of those shares to charity, it is important that no prearranged agreement be made prior to the gift.
     True      False
The value of shares in a family business is determined for gift purposes by looking at the business balance sheet.
     True      False



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