Friday, May 3, 2024
Charitable Deduction Methods

6.6.1 Basic Quiz -- Pooled Income Funds
Pooled income fund (PIF) assets may be combined and collectively invested.
     True      False
Will E. Kiote wants to contribute to a PIF for the benefit of his unborn son, Shane. Will may name his unborn son as the beneficiary.
     True      False
Rod Runnar wants to make a gift to a PIF. It is permissible for Rod to name his four daughters as income beneficiaries.
     True      False
A donor who contributes to a PIF must make an irrevocable gift of a remainder interest worth at least 10% of the original funding amount to a charitable organization.
     True      False
A donor who contributes to a PIF receives a charitable income tax deduction.
     True      False
Tax-free funds may not be transferred to a PIF.
     True      False
A PIF donor can act as a trustee with management responsibility.
     True      False
A PIF must calculate its rate of return each year.
     True      False
If a PIF has not been in existence for three years, the Sec. 7520 rates are used to determine the charitable deduction.
     True      False
The highest rate of return for a PIF rate is available from the IRS.
     True      False



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