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GiftLaw Pro Home   >  Chapter 1 - Taxation and Giving  >  1.2 Gift Tax Deductions  >  1.2.4 Charitable Deductions  >  Basic Quiz

Basic Quiz - 1.2.4 Charitable Deductions

1. The Tax Code provides an unlimited gift tax deduction for gifts to qualified charities.
           
2. A gift to the United States government is a deductible contribution for gift tax purposes.
           
3. There is an unlimited gift tax deduction for gifts to private foundations.
           
4. As a general rule, gifts of partial interests in property do not qualify for a gift tax deduction.
           
5. A charitable lead trust (CLT) for family is an example of a partial interest gift that is deductible on a donor's gift tax return.
           
6. A gift of a remainder interest in a personal residence or farm is an example of a partial interest gift that is not deductible on a donor's gift tax return.
           
7. Donors who wish to give only a partial interest in their property to charity (as opposed to their entire interest) risk receiving no charitable deduction whatsoever.
           
8. A donor's gift of land but not the underlying mineral rights is an example of a nondeductible partial interest gift.
           
9. A gift of an undivided 25% interest in real property is a nondeductible partial interest gift.
           
10. A gift of an irrevocable conservation easement in real property is an example of a partial interest gift that is not deductible on a donor's gift tax return.