Monday, May 6, 2024
Specific Property Gifts

4.3.1 Basic Quiz -- Tangible Personal Property Deductions
Tangible personal property (TPP) is defined as all of the property that a person keeps in his or her house.
     True      False
Coins are always TPP.
     True      False
TPP can be capital or ordinary in character.
     True      False
Generally, a donor may deduct only the cost basis of TPP that is donated to charity for an unrelated use.
     True      False
TPP that a charity plans to use to carry out its charitable purposes is deductible at fair market value.
     True      False
A donor who gives TPP that is ordinary in character will always be able to deduct the full fair market value of the property.
     True      False
A donor who lends a collection to charity may receive a deduction for the value of the loan.
     True      False
A donor may give an undivided fractional interest in her collection to charity and receive a deduction for the value of the fractional interest.
     True      False
A donor may transfer at least part of his collection to charity and retain the right to get the collection back if the charity doesn't use it.
     True      False
If the fair market value of TPP is less than its cost basis, a donor may deduct the cost basis.
     True      False



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