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To: brushwud who wrote (61066)10/30/2001 6:39:22 AM
From: Bill JacksonRead Replies (2) of 275872
 
brusshwud, I am not sure how it works, here if you give shares to a charity they deem it a sale at market prices followed by a charitable donation of the same size. Then if the charoity gives you a tax receipt you file that along with the receipt for an ofset.
It looks like the shares had been sold already as he gave cash, so he would have to get a receipt from the University and file that with his return showing the sale and the charitable donation as a tax deduction.
The sale and donation may be close at hand or within the tax year and so are effectively at the same time.
The foundation was probably set up ith shares and may have sold the shares at some time well in the past and as long as it conforms to the charitable trust rules about who/what/howmuch it can disburse it may in fact not need any yax deduction as it is exempt, just file a return shoiwing what it did and how it complied with the rules. Break the rules and the IRS wants taxes.

Bill
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