This quiz is part of the curriculum for the graduate course Personal Financial Planning 5325 "Introduction to Charitable Planning" from Texas Tech University. For free downloads of the audio lectures and PowerPoint slides for this course, or to learn about the online Graduate Certificate in Charitable Financial Planning at Texas Tech University, go to www. EncourageGenerosity. Com
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The §7520 rate for the month of the charitable gift annuity creation
The §7520 rate for the month of the charitable gift annuity creation or either of the two previous months, selected at the discretion of the taxpayer
The §7520 rate for the month of the charitable gift annuity creation or either of the two previous months, selected at the discretion of the internal revenue service
The §7520 rate for the month of the charitable gift annuity creation or either of the two previous months, selected at the discretion of the charity
The applicable federal midterm rate for the month of the charitable gift annuity creation or either of the two previous months, selected at the discretion of the taxpayer
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The applicable capital gains tax rate
The applicable personal income tax rate
The applicable ordinary income tax rate for passive investments
The applicable personal gift tax rate
Nothing (0%)
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The tax consequences are identical
There is no charitable deduction for the second transaction
In the first transaction the charitable deduction is the $100,000 less the value of the annuity based upon IRS value principles, and in the second transaction the charitable deduction is for the $100,000 less the price of the commercial annuity
The charitable deduction for the commercial annuity transaction will be greater than for the gift annuity transaction
The charitable deduction for the commercial annuity will be calculated as a bargain sale, while the charitable deduction for the charitable gift annuity will be calculated as a direct gift
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Additions to taxable income
Deductions from taxable income
Postponement of capital gains tax
Gift taxes
All of the above can be generated by a charitable gift annuity
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$4,000 is tax free, $4,000 is taxed at the appropriate capital gain tax rate, & $2,000 is taxed at the relevant personal income tax rate.
All $10,000 is taxed at the relevant personal income tax rate as ordinary income
All $10,000 is tax free
Only $2,000 is taxed at the relevant personal income tax rate as ordinary income, the rest is tax free
$4,000 is taxed at the relevant personal income tax rate, $4,000 is taxed at the appropriate capital gain tax rate, & $2,000 is tax free
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The June rate, because a higher interest rate means that the value of the annuity is less.
The June rate, because a higher interest rate means that the value of the annuity is more.
The July rate, because a higher interest rate means that the value of the annuity is less.
The July rate, because a higher interest rate means that the value of the annuity is more.
The August rate, because that is the month in which the gift annuity was purchased.
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