4 Taxpayers donating long-term capital gain property to a qualified charitable organization receive a charitable deduction in the amount of the fair market value of the capital gain property on the date of the contribution.

True

False

5 Contributions of property can be long-term capital gain property or ordinary income property. Which of the following is ordinary income property?

A. Stock held for two years.

B. Land held for 15 months.

C. Work of art created by the taxpayer held for four years.

D. Bonds held for 15 years.

6 An antique vase is donated to a qualified charity by a taxpayer. The charity displays the vase in its gallery. Because the charity chooses to display the vase rather than sell it for cash, the taxpayer is permitted to deduct the FMV of the vase up to 50% of his AGI.

True

False