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GS 849 - Charitable Giving Strategies > Random Things to Memorize > Flashcards

Random Things to Memorize Flashcards

1
Q

What amount to you need to complete a donor form 8283 for NONCASH ASSETS?

A

$500 - $5,000

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2
Q

What is the amount the donor completes the form 8283 AND the charity completes 8282 for NONCASH ASSETS?

A

Over $5,000

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3
Q

For PUBLICALLY TRADED SECURITIES at what value does a donor complete form 8283?

A

All but the charity does not sign

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4
Q

For NONPUBICIALLY TRADED SECURITIES at what amount does the donor complete the form 8283?

A

$5,000+ and the charity signs the form 8283

Over $10,000 appraisal needed and attached to form 8283

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5
Q

What is required to be on the Form 8283 (donor)?

A
  1. FMV
  2. Cost Basis
  3. How and when acquired
  4. Description of property
  5. How valued
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6
Q

What is required on form 8282 (charity)?

A
  1. Description
  2. How that use is related to its charitable exempt purpose
  3. Whether it provided certification to the donor
  4. Charity gives the price at which the property was sold
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7
Q

Amount for an appraisal for NONCASH Assets?

A

$5,000

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8
Q

Amount when you need an appraisal for NONPUBLICALLY TRADED SECURITIES?

A

$10,000

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9
Q

Value of ART for an appraisal?

A

$20,000

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10
Q

SALT

A

State and Local Taxes

Total maximum deductible is $10,000

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11
Q

Taxpayers can deduct mortgage interest paid on acquisition indebtedness up to ____________?

A

$750,000

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12
Q

Homes purchased before 12/15/17; the maximum amount of acquisition debt is________________?

A

$1M

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13
Q

Standard Deduction for SINGLE person?

A

$12,400

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14
Q

Standard Deduction for MARRIED couple?

A

$24,800

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15
Q

How is Charitable Gift Annuities Taxed?

A

Basis/Principal

Cap Gains (after out lives life expentancy)

Income - blend (cap gain and income)

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16
Q

How are Charitable Remainder Trust Taxed?

A
  1. Income
  2. Cap Gain
  3. other (tax free)
  4. Corpus
17
Q

Long-Term Capital Gains %

A

0-20%

0% low income

15% normal

20% High income

18
Q

What are collectibles Capital Gains?

A

28%

19
Q

Does income tax deductions for charitable contributions offset NIIT?

A

NO

Net Investment Income Tax is 3.8% and applies to: Interest, dividends, payments from rental properties and cap gains from mutual funds

3.8%

20
Q

PEASE Amendment

A

Prior to 12-31-2017

Reduced itemized deductions by 3% for taxpayers with AGIs exceeding certain thresholds

Raises taxes on high-income tax payers by reducing, then eliminating, the value of their personal exemptions.

2018-2025 it is suspended

21
Q

What is the gift tax annual exclusion?

A

$15,000 - Individual

$30,000 - Couple

22
Q

What is the Lifetime Exclusion for Taxes?

A

11.58M during lifetime or at death

23
Q

Carryover basis?

A

During life

24
Q

Single Premium Immediate Annuity (SPIA)

What can be used to fund this?

A

Cash only

25
Q

When to consider CLT?

A

Liquidity Event (selling business)

IPO - generates lump sum deduction in year that the shareholder had gain on the stock

Benefit younger generations in the future - pass with little or no gift tax

Client who want to benefit the charity now

26
Q

Private Foundations are regulated by?

A

State and Federal government

27
Q

6 Private Foundation Rules

(ESREJT)

EAT SWEET RICE EACH JAPANESE TIME

A
  1. Excise tax
  2. self dealing rules
  3. required distributions
  4. excess business holdings
  5. jeopardy investments
  6. taxable expenditures
28
Q

Conduit or Pass-Through Foundation

A

A Private Foundation that must distribute 100% of net assets each year

May pay reasonable admin expenses from assets

Receives public tax treatment for income tax purposes

29
Q

What amount do you need an appraisal for life insurance?

A

$5,000

30
Q

What is Viatical?

A

Also known as life settlement

Sale of in-force policy to a third party

Cash in, withdrawal (if policy permits), or loan against policy

31
Q

What is the AGI and % for Conservation easements?

A

50% AGI

Deductible up to 100%

15 Year Carryover

Must Be:

legally binding

Must be Permanent

Must restrict the use, modification and development of property like land, natural habitats and historical sites

(parks, wetlands, and historic buildings)

32
Q

How is an easement valued for income tax deduction?

Determined by a qualified ______________________ based on comparable sales, if any, or by the ________________________ method

A

Determined by a qualified appraisal** based on comparable sales, if any, or by the **subtraction method

the amount by which the FMV is reduced by the conservation easement

(FMV with no restrictions minus the FMV with restrictions)

33
Q

Pooled Income Fund (PIF) deduction is based on the remainder interest computed using the fund’s highest income in past __ years?

A

3 years

Provides partial income tax charitable deduction

Avoids tax on long-term gain contributions

34
Q

Impact investments are investments made with the intention to generate positive, measureable social and environmental impact alongside a ______________(via GIIN)

A

Financial Return.

4 characteristics of Impact investing

  1. Intentionality
  2. investment, with an expectation of return
  3. Range of return expectations and asset classes
  4. impact measurement
35
Q

Debt against gifted property can create __________ ____________ to the donor and also create _______________________ to the charity.

A

Debt against gifted property can create taxable income** to the donor and also create **unrelated business income tax (UBIT) to the charity.

36
Q

What is the tool in assignment 10 - The Hurleys?

A

Discovery/Agreement Memo

AKA Talking Points Memo

37
Q

What is NGO Source?

A

Project of the Council on Foundations and TechSoup which helps grant makers streamline and save their international giving.

(centralizing, streamlining, and standardizing the ED process for US grant makers)

38
Q

Philanthropy Protection Act of 1995

A

stipulates that the charity offering a gift annuity will provide a disclosure statement to all annuitants in a Gift Annuity Fund and also provide the same to all prospective donors at the time of solicitation, using a letter or pamphlet format. If the charitable organization commingles investment assets, it must provide a disclosure statement to all annuitants in a Gift Annuity Fund and also provide the same to all prospective donors at the time of solicitation, using a letter or pamphlet format. The Act also prohibits the payment of commissions or other remuneration to anyone based on the value of a charitable gift annuity.

GS 849 - Charitable Giving Strategies (14 decks)

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