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GiftLaw Pro Home   >  Chapter 6 - Charitable Deduction Methods  >  6.6 Pooled Income Fund  >  6.6.1 Pooled Income Funds  >  Basic Quiz

Basic Quiz - 6.6.1 Pooled Income Funds

1. Pooled income fund (PIF) assets may be combined and collectively invested.
           
2. Will E. Kiote wants to contribute to a PIF for the benefit of his unborn son, Shane. Will may name his unborn son as the beneficiary.
           
3. Rod Runnar wants to make a gift to a PIF. It is permissible for Rod to name his four daughters as income beneficiaries.
           
4. A donor who contributes to a PIF must make an irrevocable gift of a remainder interest worth at least 10% of the original funding amount to a charitable organization.
           
5. A donor who contributes to a PIF receives a charitable income tax deduction.
           
6. Tax-free funds may not be transferred to a PIF.
           
7. A PIF donor can act as a trustee with management responsibility.
           
8. A PIF must calculate its rate of return each year.
           
9. If a PIF has not been in existence for three years, the Sec. 7520 rates are used to determine the charitable deduction.
           
10. The highest rate of return for a PIF rate is available from the IRS.