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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.3 Crops and Tangible Personalty  >  4.3.2 Tangible Personal Property Gift Methods  >  Basic Quiz

Basic Quiz - 4.3.2 Tangible Personal Property Gift Methods

1. State law governs transfer of ownership of tangible personal property (TPP).
           
2. The date of a gift of tangible personal property is the date the property is physically given to the charity.
           
3. Crops are tangible personal property.
           
4. It makes no difference whether crops are transferred to charity before or after they are harvested.
           
5. The IRS has repeatedly expressed concern that gifts of automobiles are overvalued.
           
6. Collections must be described in sufficient detail so that the IRS can later understand how the collection was valued for gift purposes.
           
7. Gifts of stamps, coins, crystal, antiques and other collections are normally transferred by a deed recorded with the county recorder.
           
8. Cars, trucks, recreational vehicles and boats are generally transferred via a title document recorded with the State Department of Motor Vehicles.
           
9. Only a deed of gift can be used to transfer collections, while a letter of gift is used for other tangible personal property.
           
10. A pledge of gift can be used to transfer tangible personal property to charity.