Question 1. During the year, Eve (a resident of Billings, Montana) spends three consecutive weeks in Louisville, Kentucky. One week is spent representing the Billings First Christian Church a

1. During the year, Eve (a resident of Billings, Montana) spends three consecutive weeks in Louisville, Kentucky. One week is spent representing the Billings First Christian Church at the national convention, and two weeks are spent vacationing with relatives. One third of Eve’s travel expenses will qualify as a charitable deduction.

a. True

b. False

2. In order to dissuade his pastor from resigning and taking a position with a larger church, Michael, an ardent leader of the congregation, gives the pastor a new car. The cost of the car is deductible by Michael as a charitable contribution.

a. True

b. False

3. Dan contributed stock worth $16,000 to his college alma mater, a qualified charity. He acquired the stock eleven months ago for $4,000. He may deduct $16,000 as a charitable contribution deduction (subject to percentage limitations).

a. True

b. False

4. Ronaldo contributed stock worth $12,000 to the Children’s Protective Agency, a qualified charity. He acquired the stock twenty months ago for $6,000. He may deduct $6,000 as a charitable contribution deduction (subject to percentage limitations).

a. True

b. False

.

5. Any capital asset donated to a public charity that would result in long-term capital gain if sold, is subject to the 30%- of-AGI ceiling limitation on charitable contributions for individuals.

a. True

b. False

6. John gave $1,000 to a family whose house was destroyed by fire. John may claim a charitable deduction of $1,000 on his tax return for the current year.

a. True

b. False

7. In the year of her death, Maria made significant charitable contributions of capital gain property. In fact, the amount of the contributions exceeds 30% of her AGI. Maria’s executor can elect to deduct charitable contributions of up to 50% of Maria’s AGI on Maria’s final income tax return.

a. True

b. False

8. The reduced deduction election enables a taxpayer to move from the 30%-of-AGI limitation to the 50%-of-AGI limitation.

a. True

b. False

9. Excess charitable contributions that come under the 30%-of-AGI ceiling are always subject to the 30%-of-AGI ceiling in the carryover year.

a. True

b. False

10.Contributions to public charities in excess of 50% of AGI may be carried back 3 years or forward for up to 5 years.

a. True

b. False

.

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