Sunday, May 5, 2024
Gift Administration

8.2.1 Basic Quiz -- State Regulations - The Administration
Charitable remainder trusts (CRTs) must pay a minimum of 5% of the trust's value at least annually.
     True      False
A CRT must produce a charitable deduction of at least 15 % of the initial funding amount.
     True      False
If quarterly payments are made from a CRT, the trust must be revalued every three months.
     True      False
Charitable remainder trusts must function exclusively as a charitable remainder trust, and never as a grantor trust.
     True      False
If the trustee of a CRT makes an overpayment to a beneficiary, the beneficiary may keep the excess over the correct payment amount.
     True      False
An income beneficiary of a CRT may report the payments in the year in which each payment is to be made.
     True      False
A CRT is not permitted to distribute actual trust property to an income beneficiary.
     True      False
In-kind distributions from a trust are treated as a sale from the trust for accounting purposes.
     True      False
If an income beneficiary accepts an in-kind distribution from a CRT, the payment is not subject to taxation.
     True      False
Some of the same restrictions and requirements applicable to private foundations also apply to CRTs.
     True      False



© Copyright 1999-2024 Crescendo Interactive, Inc.