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1. All appreciated tangible personal property (TPP) generates ordinary gain when sold.

True False

2. When a donor transfers TPP to a charitable remainder trust, he or she is able to claim a tax deduction as of the date of the transfer.

True False

3. If a charitable remainder trust puts donated TPP to a "related use" the donor may deduct the fair market value of the donated TPP.

True False

4. The primary reason a donor might fund a charitable remainder trust with TPP is to bypass capital gain.

True False

5. TPP is defined as any physical property that can be moved.

True False

6. When a donor transfers TPP to a charitable remainder trust, his or her gift is valued on the date of the transfer.

True False

7. Only a charitable remainder trust for the life of the donor may receive a gift of TPP.

True False

8. A charitable remainder annuity trust may not receive TPP.

True False

9. A donor may fund a charitable remainder trust with cattle.

True False

10. Crops are TPP.

True False

Basic Quiz - 4.3.3 Tangible Personal Property Unitrust