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GiftLaw Pro Home   >  Chapter 4 - Specific Property Gifts  >  4.1 Art Gifts and Valuation  >  4.1.1 Gifts of Art  >  Basic Quiz

Basic Quiz - 4.1.1 Gifts of Art

1. Artwork is considered tangible personal property.
           
2. If an artist creates a painting, the painting is a capital asset in the hands of the artist.
           
3. A donor who places any restrictions upon a gift of artwork will not be entitled to an income tax deduction.
           
4. If the donor collects and holds the art it is an ordinary income asset in the hands of the donor.
           
5. A dealer in artwork may treat his or her inventory of artwork as a capital asset.
           
6. In order to qualify as a long-term capital gain asset, a donor must hold artwork for at least five years and one day.
           
7. A deductible gift of artwork to charity must not be subject to significant contingencies or rights of reversion.
           
8. Tangible personal property includes things such as land, buildings and stocks.
           
9. Gifts of the use of artwork are tax deductible.
           
10. The transfer and title to artwork is normally governed under state law.