Thursday, May 2, 2024
Specific Property Gifts

4.3.2 Basic Quiz -- Tangible Personal Property Gift Methods
State law governs transfer of ownership of tangible personal property (TPP).
     True      False
The date of a gift of tangible personal property is the date the property is physically given to the charity.
     True      False
Crops are tangible personal property.
     True      False
It makes no difference whether crops are transferred to charity before or after they are harvested.
     True      False
The IRS has repeatedly expressed concern that gifts of automobiles are overvalued.
     True      False
Collections must be described in sufficient detail so that the IRS can later understand how the collection was valued for gift purposes.
     True      False
Gifts of stamps, coins, crystal, antiques and other collections are normally transferred by a deed recorded with the county recorder.
     True      False
Cars, trucks, recreational vehicles and boats are generally transferred via a title document recorded with the State Department of Motor Vehicles.
     True      False
Only a deed of gift can be used to transfer collections, while a letter of gift is used for other tangible personal property.
     True      False
A pledge of gift can be used to transfer tangible personal property to charity.
     True      False



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