Sunday, May 5, 2024
Specific Property Gifts

4.14.3 Basic Quiz -- Sub S Unitrust
Public charities are permitted to hold shares of S corporations.
     True      False
Charitable remainder trusts may own S corporation stock.
     True      False
Charitable remainder trusts may own C corporation stock.
     True      False
All S corporation income is unrelated business income ("UBI") when received by a charity.
     True      False
A charity may sell S corporation stock tax free in the same way it may sell C corporation stock tax free.
     True      False
A charitable remainder trust has to pay tax on UBI.
     True      False
An S corporation itself may create a charitable remainder trust.
     True      False
Charitable remainder trusts are subject to the private foundation prohibition on excess business holdings.
     True      False
A charitable remainder trust funded with S corporation assets must be for a term of years.
     True      False
A private foundation is a permissible S corporation shareholder.
     True      False



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