1. T / F A CRUT is a charitable trust that provides a fixed income to donors or others each year during a charitable trust.
2. The T/F A charitable donation annuity is a charitable trust that provides a variable amount of income for one or more lives and the remaining trusts are donated to one or more charities.
3. The maximum amount that a T/F donor may transfer to his or her spouse at the time of death without an inheritance tax on the transfer is $5 million.
4. T / F If the donor deducts item by item, the donor can apply to the charity for a full amount of cash income charity deduction, as long as the deductible does not exceed the taxable income of the donor for the year.
Have you answered the "real" of any questions? If so, please read on:
1. Wrong. CRUT [Charitable Remainder Unitrust] is a charitable trust that provides a variable amount of income for one or more lives [or a specified number of years] and the remaining trusts are donated to one or more charities.
2. Wrong. A charitable donation annuity is an annuity involving an agreement between a charity and one or two people, requiring the charity to provide a certain amount of lifetime value to the "annuity" each year.
3. Wrong. “Unlimited Marriage Deduction” allows any US citizen to transfer unrestrictedly to his or her US citizen's spouse during life and death. For example, a wife can give her husband $1 billion, but still owe no gift or inheritance tax. However, in the same situation, if both spouses do not implement other plans, the second spouse may face a huge estate tax problem. Careful planning in the event that both spouses are alive is the best way to resolve possible tax consequences in the future.
4. Wrong. Assuming donors are deducted item by item, donors can only apply for charitable income tax deductions for cash gifts from qualified charities up to 50% of the donor's adjusted total income [AGI]. For gifts that appreciate the value of the property, the maximum deduction is reduced to 30% of the donor AGI. However, if the donor is unable to use all of his charitable deductions in the year of the gift [whether in cash or an asset that has already appreciated], the donor can deduct a deduction of more than five years.
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