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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.1 Art Gifts and Valuation  >  4.1.2 Partial Interests in Art  >  Basic Quiz

Basic Quiz - 4.1.2 Partial Interests in Art

1. If there are two or more owners of TPP, gifts of fractional interests are permitted even if all the owners do not give their fractional interest.
           
2. A gift of an undivided 10% interest in 25 works of art may entitle a donor to a charitable income tax deduction.
           
3. A donor who transfers the right to own and display artwork for a portion of each year is not entitled to a charitable deduction pursuant to the partial interest rules.
           
4. An art collector who lends 20 paintings to a museum for one year is allowed a charitable deduction because she has conferred a true benefit upon the charity.
           
5. A donor may be entitled to a charitable income tax deduction even where a charity does not immediately take possession of the artwork.
           
6. The donor's estate will not receive a charitable deduction if the donor bequeaths the balance of a fractional gift to a qualified charity.
           
7. A charity must display donated artwork immediately upon receiving it in order for the donor to be allowed a charitable tax deduction.
           
8. If a donor gives a fractional undivided interest in a piece of art, his or her charitable deduction may be reduced for lack of marketability and control.
           
9. Donors who wish to give only a partial interest in their artwork to charity (as opposed to their entire interest) subject themselves to more stringent rules and risk receiving no charitable deduction whatsoever.
           
10. Once a piece of artwork is given outright to a charity, it is never permissible for the donor to have possession of that artwork.