4.9.3 Basic Quiz -- Trademarks

A trademark is a signature or seal that identifies a company.

True False

A trademark is valid only if it is registered with the United States Patent and Trademark Office.

True False

A registered trademark gives its owner the exclusive right to use the trademark nationwide or in connection with certain goods or services.

True False

A trademark owner may give his or her trademark to charity and receive a tax deduction for the gift.

True False

A donor may give his or her trademark to charity and get a tax deduction but keep the right to prescribe the standards of quality of products used or sold under the trademark, so long as the donor doesn't get any monetary benefit from the retained right.

True False

When donated to charity, the gift of a trademark is deductible at the lesser of full fair market value or cost basis.

True False

A trademark usually must be valued for tax deduction purposes by an appraiser.

True False

A trademark may be transferred to charity by oral or written agreement.

True False

A person may give his or her trademark to charity and get a tax deduction but keep the ability to approve of any subsequent purchaser or transferee of the trademark.

True False

Gifts of trademarks to charity are deductible up to 30% of a donor's adjusted gross income.