1. Why is it important to calculate basis?A. To determine cost for tax purposesB. It’s not important as basis doesn’t matter in real estate giftingC. To determine the gift deduction in certain types of gift arrangementsD. Both “A” and “C”2. What counts as dealer property?A. Property held for more than a yearB. Property held for less than a yearC. Property not held for investment purposesD. Both “B” and “C”3. What percentage of AGI may an individual take for their charitable gift donations?A. 10%B. 30%C. 50%D. 75%4. What percentage of corporate income may be offset by a charitable gift deduction?A. 10%B. 30%C. 50%D. 75%5. Which of the following qualifies for a charitable gift donation?A. TimberB. Water rightsC. Mineral rightsD. All of the above6. What is the IRS designation for a public charity?A. IRS #561B. AOLC. 501 (c) 3D. Section #10317. Donors may split their donations among how many charities?A. 1-4B. 4-7C. 7-11D. All of the above8. Donation of a personal residence may be used for both a retained life estate and a charitable gift annuity arrangement.TrueFalse9. International properties qualify as gift donations.TrueFalse10. Realtors are normally paid fees by the charity.TrueFalse11. Who must obtain a qualified appraisal to receive the benefit from a gift donation?A. The charityB. Title CompanyC. DonorD. None of the above12. Donation of property held for less than a year might avoid capital gains tax.TrueFalse13. Debt encumbered property can be donated.TrueFalse14. A simultaneous closing may be used to transfer ownership of a donated property.TrueFalse15. A Realtor may earn more than one type of fee in a single donation transaction.TrueFalse16. How many charities are there in the United States?A. 100,000B. 350,000C. 750,000D. 1,600,00017. Farms/ranches real estate donations qualify for a charitable gift deduction:TrueFalse18. Condo in Rome or Paris real estate donations qualify for a charitable gift deduction:TrueFalse19. Medical building housing doctor’s practice real estate donations qualify for a charitable gift deduction:TrueFalse20. A lot in Florida real estate donations qualify for a charitable gift deduction:TrueFalse21. Cabin in Pennsylvania real estate donations qualify for a charitable gift deduction:TrueFalse22. A 17% ownership interest in apartment complex? real estate donations qualify for a charitable gift deduction:TrueFalse23. A donor has what period of time in which to use a charitable deduction?A. One yearB. Two to five yearsC. Six yearsD. None of the above24. Which of these open-ended questions might open a donation discussion with your client?A. What are your plans for your next step with your investment property?B. Have you ever considered a gift of real estate?C. Did you know that your real estate equity could provide a lifelong income stream?D. All of the above25. What do the donors get from a gift of real estate?A. Released from property management issuesB. A chance to see the donations impact upon a charity, lower the value of their estate and prevent family feuds.C. None of the aboveD. All of the aboveTime is Up! Related Posts:Yes. It's Critical To Have One in Place.Dumb Ways To Seek DonationsEstate Planning for Women
