Deck 6: Charitable Gift Planning Basics

Question 1

A carryover of charitable contributions may be carried forward for _____ years.

A)One.
B)Three.
C)Five.
D)Unlimited.

Answer 1

C

Question 2

A _____ permits annual direct transfers of required minimum distributions (RMDs)and other taxable distributions to a qualified charity from an IRA,up to $100,000.

A)Qualified Charitable Distribution.
B)Qualified Charitable Lead.
C)Qualified Charitable Unit.
D)Qualified Net Income Makeup.

Answer 2

A

Question 3

Which of the following entities allows the donor to gift variable annual payments to a charity for a period of time?

A)Charitable Lead Annuity Trust.
B)Charitable Lead Unitrust.
C)Charitable Remainder Trust.
D)Qualified Charitable Distribution Trust.

Answer 3

B

Question 4

Capital assets include all of the following except:

A)Bonds.
B)Jewelry.
C)Manuscripts.
D)Stamp collection.

Question 5

A donor-advised fund may be operated by a _____

A)Donor.
B)Community foundation.
C)Non-public charity.
D)Wealth Replacement Trust.

Question 6

A carryover of a qualified conservation contribution may be carried forward for _____ years.

A)One.
B)Five.
C)Fifteen.
D)Twenty.

Question 7

A trust is permitted a/an _____ deduction for charitable contributions up to its gross income.

A)20 percent.
B)30 percent.
C)50 percent.
D)Unlimited

Question 8

Which of the following statements regarding qualified charitable distributions is false?

A)It satisfies the required minimum distributions for the year in which a QCD is made.
B)Correct,this statement is false.IRA account owners must be age 67 or older.
C)Transfers from an inherited IRA are not allowed.
D)Maximum transfer amount is $100,000.