Thursday, May 2, 2024
Specific Property Gifts

4.7.3 Basic Quiz -- Environmental Issues
If charity accepts a gift of real estate, then charity is now in the chain of title for environmental liability purposes.
     True      False
Real estate is usually transferred using a beneficiary designation form.
     True      False
Charities should have gift acceptance policies, especially for gifts of real estate.
     True      False
Conducting an environmental impact survey (EIS) prior to accepting gifts of real estate can provide charity with peace of mind and an understanding of the risks, if any, involved.
     True      False
The cost of an environmental impact survey (EIS) is always the responsibility of the donor.
     True      False
A charity should simply refuse a gift of real estate if the environmental risks far outweigh the financial benefits.
     True      False
If a donor gives real estate in exchange for a gift annuity, a charity will not have to worry about environmental liability issues.
     True      False
A gift of real estate is complete for tax purposes once the donor irrevocably promises to make the gift.
     True      False
Whenever real estate is used to fund a charitable remainder trust, charity should attempt to serve as trustee.
     True      False
A donor may not serve as trustee of his or her charitable remainder trust because of the self-dealing rules.
     True      False



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