Sunday, April 28, 2024
Specific Property Gifts

4.3.3 Basic Quiz -- Tangible Personal Property Unitrust
All appreciated tangible personal property (TPP) generates ordinary gain when sold.
     True      False
When a donor transfers TPP to a charitable remainder trust, he or she is able to claim a tax deduction as of the date of the transfer.
     True      False
If a charitable remainder trust puts donated TPP to a "related use" the donor may deduct the fair market value of the donated TPP.
     True      False
The primary reason a donor might fund a charitable remainder trust with TPP is to bypass capital gain.
     True      False
TPP is defined as any physical property that can be moved.
     True      False
When a donor transfers TPP to a charitable remainder trust, his or her gift is valued on the date of the transfer.
     True      False
Only a charitable remainder trust for the life of the donor may receive a gift of TPP.
     True      False
A charitable remainder annuity trust may not receive TPP.
     True      False
A donor may fund a charitable remainder trust with cattle.
     True      False
Crops are TPP.
     True      False



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