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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.3 Crops and Tangible Personalty  >  4.3.1 Tangible Personal Property Deductions  >  Basic Quiz

Basic Quiz - 4.3.1 Tangible Personal Property Deductions

1. Tangible personal property (TPP) is defined as all of the property that a person keeps in his or her house.
           
2. Coins are always TPP.
           
3. TPP can be capital or ordinary in character.
           
4. Generally, a donor may deduct only the cost basis of TPP that is donated to charity for an unrelated use.
           
5. TPP that a charity plans to use to carry out its charitable purposes is deductible at fair market value.
           
6. A donor who gives TPP that is ordinary in character will always be able to deduct the full fair market value of the property.
           
7. A donor who lends a collection to charity may receive a deduction for the value of the loan.
           
8. A donor may give an undivided fractional interest in her collection to charity and receive a deduction for the value of the fractional interest.
           
9. A donor may transfer at least part of his collection to charity and retain the right to get the collection back if the charity doesn't use it.
           
10. If the fair market value of TPP is less than its cost basis, a donor may deduct the cost basis.