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GiftLaw Pro Home   >  Chapter 1 - Taxation and Giving  >  1.3 Estate Tax Deductions  >  1.3.3 Charitable Estate Deductions  >  Basic Quiz

Basic Quiz - 1.3.3 Charitable Estate Deductions

1. A bequest of cash to a public charity is subject to the 60% deduction limit.
           
2. A bequest of appreciated property to a public charity is subject to the 30% deduction limit.
           
3. Bequests to foreign charities are not deductible gifts because public policy prefers to encourage gifts to domestic charities.
           
4. Certain expenses may reduce an estate tax charitable deduction.
           
5. The creation and funding of the typical QTIP trust is taxable because children will eventually receive the property from the trust.
           
6. A QTIP trust can be designed to distribute assets to charity instead of children at the surviving spouse's death.
           
7. The value of a charitable remainder trust (CRT), that pays to the donor and any other person is includable in the estate tax calculation.
           
8. The value of a testamentary charitable lead trust (CLT) is includable in the estate tax calculation.
           
9. IRD stands for Internal Revenue Department.
           
10. If a donor intends on making bequests to charity, then the gift of an IRD asset is an excellent tax-wise decision.