Show INCOME TAX FAX thib js AS another knottier in a series of articles on tax reductions written by utah society of public accounting your charitable contribution are deductible up to 30 of your adjusted gross income provided that at least 1006 10 la Is to churches education at al institutions or tax exempt hospitals otherwise your contributions are deductible up to 20 ot of your adjusted gross income contributions to be deductible for or 1950 must have been paid in 1058 1950 it Is not enough to havo have pledged to contribute at a litter later date payment must have been made in 1958 payments in money or property 1 arty aro equally deductible va if a contribution was mad in property the amount of the ilia deduction Is tile die fair market value ot of the property at tile the time the contribution was ninde this has interesting pos assume that you purchased a piece ale of real estate for in 1010 1940 and that you made a contribution ot of this piece ot of real estate in 1058 1958 and its fair market value tit at tile the tinie time 0 of hie I 1 lie contribution nii he i you vou receive credit dit lor for tile the ot of but you do not pay tax on your dour gam gain of however it you told sold the ilia teal real estate for ond and contributed tri buted the you would be taxed axed on your long term capital gain coln of 0 it does not matter it the recipient ot of the contribution immediately mediately sells ells the ilia property properly all forms tot of properly may be contributed r stocks and bendit automobiles furniture fixtures equipment clothing tie etc to be deductible your con 0 must inual bb b loa jo hug fuja ious charitable educational scientific or literary or ganti bioni or oan an lor for the prevention of cruelty to children or animals except when such 0 organization organisation li Is operated for personal pers profit or to conduct propaganda or of attempt to influence legislation also deductible ate are sift 4 to frat fraternal trI u they abey are to be used for charitable r or of religious purposes jad and gina aith tb leftwo stef zit labons ions gifts to lo governmental for public rut outposts posts etc do not deduct political camp sign constitutions or ton to my WP lions that devote a good food part of their activities t to propaganda lobbying or trying yang td influence legislation e ven even tot lor tai worthwhile Orth while put pup kupce pem ce |