Monday, April 29, 2024
Specific Property Gifts

4.3.4 Basic Quiz -- Tangible Personal Property Valuation
The value of an item of tangible personal property for charitable deduction purposes is determined by what the donor thinks it is worth.
     True      False
The IRS and Congress perceive the overvaluation by donors of gifts of tangible personal property as a significant problem.
     True      False
All charitable gifts of tangible personal property must be appraised.
     True      False
For gifts of tangible personal property over $500, a donor must keep records showing when he or she acquired the property and its cost basis.
     True      False
A donor may not claim a deduction for a fractional interest gift of tangible personal property.
     True      False
If a donor gives a fractional undivided interest in tangible personal property, his or her charitable deduction may be reduced for lack of marketability and control.
     True      False
If the IRS determines that a donor has overstated a charitable deduction, it can impose a 20% penalty, which is the maximum penalty allowed by law.
     True      False
To ensure a correct and proper valuation, an appraisal (when required) must be made before the gift.
     True      False
When computing the charitable deduction for a tangible personal property gift into a CRT, the Applicable Federal Rate for the contribution month or the prior two months must always be used.
     True      False
An appraiser who values a gift of tangible personal property must be specifically qualified to appraise tangible personal property.
     True      False



© Copyright 1999-2024 Crescendo Interactive, Inc.