Self-Test Questions for Chapter 16 Self-test questions are based on the learning

Question

Self-Test Questions for Chapter 16 Self-test questions are based on the learning objectives in each chapter. Thus, a [3] at the end of a question means that the question is based on learning objective 3. TF 1. A charitable deduction is allowed for the entire value of a bequest to a ualified charity even though the property is not included in the donor's gross estate. [1] TF 2. A charitable deduction will be allowed for the full value of property that passes to a qualified charity as a result of a qualified disclaimer made by a prior beneficiary. 12] T F So that gifts of remainder interests made to charity may qualify for the charitable income, estate, or gift tax deduction, the gift must be in the form of a charitable remainder trust or a pooled-income fund. [3] 3. T F It is now possible to create a charitable remainder trust in combination with a qualified terminable interest property (QTIP) trust in favor of the surviving spouse and to avoid federal estate tax liability entirely. [4] 4. TF 5. When the donor makes a gift of a remainder interest in a CRT, the donor escapes all gift taxation as a result of the transfer. [5] TF 6. With a charitable remainder annuity trust, one or more noncharitable income beneficiaries receive a fixed percentage of not less than 5 percent of the net fair market value of the trust assets as revalued annually. [5]

Explanation / Answer

Answer 1- false
Answer 2- true
Answer 3- true
Answer 4- false
Answer 5- false
Answer 6- true

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