Which one of the following qualifies for an income tax deduction: 01. A local art gallery...
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Which one of the following qualifies for an income tax deduction: 01. A local art gallery receives a 1/12 interest in a painting owned by a donor. The donor never makes any other gifts of the remaining interest in the painting to any charity. 2. A painter giving his highly valued painting to charity but keeps the copyright interests 3. A donor puts his office building in an IRREVOCABLE trust that will transfer the land to the charity at his death. 4. A person donates an office building to his church with the provision that all proceeds from rent for the first 10 years must be given to the Red Cross. 5. Owner of a building allows a charity to use it rent free for 10 years Which one of the following qualifies for an income tax deduction: 01. A local art gallery receives a 1/12 interest in a painting owned by a donor. The donor never makes any other gifts of the remaining interest in the painting to any charity. 2. A painter giving his highly valued painting to charity but keeps the copyright interests 3. A donor puts his office building in an IRREVOCABLE trust that will transfer the land to the charity at his death. 4. A person donates an office building to his church with the provision that all proceeds from rent for the first 10 years must be given to the Red Cross. 5. Owner of a building allows a charity to use it rent free for 10 years
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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