4.14.10 Basic Quiz -- Charitable Tax Deduction

The value of an S corporation for charitable deduction purposes is determined by what the owners of the S corporation determine the S corporation is worth.

True False

In general, a gift of long-term capital gain property is deductible at fair market value.

True False

Gifts of S corporation stock that are long-term capital gain property to charity are always deductible at fair market value.

True False

An S corporation shareholder's basis in his or her S corporation stock is called outside basis.

True False

A donor's deduction for a gift of S corporation stock is limited by the S corporation's basis in its assets (inside basis).

True False

Gifts of S corporation stock held for over a year are deductible up to 50% of the donor's adjusted gross income.

True False

An S corporation's charitable deductions "pass through" to its shareholders.

True False

Any ordinary income element in S corporation stock will reduce the deduction available to a donor of that stock.

True False

If the stock is valued at $5,000 or more, a donor of S corporation stock must file Form 8283 and complete Section B.

True False

A donor of S corporation stock valued at over $10,000 must obtain a written qualified appraisal to substantiate the value.