The following are elements of donation, which one is not ? Capacity of the donee to make the donation Capacity of the donor to make the donation The donative intent or intent to make a gift on the part of the donor The delivery and acceptance of the donation
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The following are elements of donation, which one is not ?
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- A donor gives a gift to a charity that must be conveyed to a separate beneficiary. What is the normal method of reporting for each party?A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the method of reporting for each party if the charity receives variance power enabling it to change the identity of the beneficiary?A donor gives a gift to a charity that is to be conveyed to a separate beneficiary. What is the method of reporting for each party if the donor retains the right to revoke or redirect use of the gift?
- How does a recipient not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?How does a devise differ from a legacy? Choose the correct.a. A devise is a gift of money and a legacy is a nonmonetary gift.b. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. c. A devise is a gift of real property and a legacy is a gift of personal property.d. A devise is a gift made prior to death and a legacy is a gift made at death.How does a devise differ from a legacy? A devise is a gift of money and a legacy is a nonmonetary gift. A devise is a gift to an individual and a legacy is a gift to a charity or other organization. A devise is a gift of real property and a legacy is a gift of personal property. A devise is a gift made prior to death and a legacy is a gift made at death.
- What is the difference between a testamentary trust and an inter vivos trust? Choose the correct.a. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals.b. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. c. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. d. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.How would a recipient for a not-for-profit entity record the receipt of a gift that will be transferred without restriction to another charitable entity? What if the donor retains the right to revoke or redirect the gift?If an individual renders services for a creditor who in consideration thereof cancels his existing debt, the cancellation of indebtedness may amount to a Gift Donation intervivos Payment of income Capital contribution
- A gift is valued at the date of* the death of the donor. notarization of the deed of donation. completion or acceptance of the donation payment of donor's tax.What is the difference between a testamentary trust and an inter vivos trust. A testamentary trust conveys money to a charity; an inter vivos trust conveys money to individuals. A testamentary trust is created by a will; an inter vivos trust is created by a living individual. A testamentary trust conveys income to one party and the principal to another; an inter vivos trust conveys all monies to the same party. A testamentary trust ceases after a specified period of time; an inter vivos trust is assumed to be permanent.If there was a gift that would be transferred without restriction to another charity entity, how would a recipient for a not-for-profit entity record the receipt of that gift? Can the donor retain the right to revoke the gift?