GiftLaw Pro, our charitable tax reference service, features detailed information on gift and estate planning strategies. It includes links to relevant Internal Revenue code sections, regulations, rulings, cases and more.

1. State law governs transfer of ownership of tangible personal property (TPP).

True False

2. The date of a gift of tangible personal property is the date the property is physically given to the charity.

True False

3. Crops are tangible personal property.

True False

4. It makes no difference whether crops are transferred to charity before or after they are harvested.

True False

5. The IRS has repeatedly expressed concern that gifts of automobiles are overvalued.

True False

6. Collections must be described in sufficient detail so that the IRS can later understand how the collection was valued for gift purposes.

True False

7. Gifts of stamps, coins, crystal, antiques and other collections are normally transferred by a deed recorded with the county recorder.

True False

8. Cars, trucks, recreational vehicles and boats are generally transferred via a title document recorded with the State Department of Motor Vehicles.

True False

9. Only a deed of gift can be used to transfer collections, while a letter of gift is used for other tangible personal property.

True False

10. A pledge of gift can be used to transfer tangible personal property to charity.

True False

Basic Quiz - 4.3.2 Tangible Personal Property Gift Methods