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1-800-558-8311
IU Foundation
Post Office Box 500
Bloomington, IN 47402
IRA "Rollover" Keeps on Rolling
The Emergency Economic Stabilization Act of 2008 has been extended until the end of 2009. If you are 70½ or older, you can use your IRA funds to make charitable gifts without it counting as a tax distribution.
Closely Held Business Stock
A business owner who contributes closely held stock to IU will be allowed a charitable deduction for the fair-market value of the stock. An additional benefit is that the donor will escape the potential capital-gain tax on any appreciation in the value of the stock.
Subsequent to the gift, the corporation could purchase the stock from IU for cash. This not only enables the donor to retain complete control over the company but also makes cash available to IU for its current needs. As long as IU is not obligated to sell the stock to the corporation, the transaction should produce no adverse tax results.
