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Show INCOME TAX FACTS Your charitable contribution are deductible up to 30 of your adjusted ad-justed gross income provided that at least 10 is to churches, educational educa-tional institutions or tax exempt hospitals. Otherwise your contribution contribu-tion are deductible up to 20' ot your adjusted gross income. Contributions, to be deductible for 1958, must have been paid in 1958. It 'is not enough tot have pledged to contribute at a later date. Payment must have been made in 1958. Payments in money or property are equally deductible. If a contribution contri-bution was made in property, the amount of the deduction is the fair market value of the property at the time the contribution wa made. This ha interesting possibilities. Assume thnt you purchased a piece of real estate for $5,000 in 1940 and that you made a contribution of this piece of real estate in 1958 and it fair market value at the time of the contribution was $10,-000. $10,-000. You receive credit for the contribution of $10,000 but you do not pay tax on your gnin of $5,000. However, if you sold the real estate for $10,000 and contributed the $10,000 you would be taxed on your long term capital gain of $5,000. It doe not matter if the recipient ot the contribution immediately im-mediately ell the property. All form of property may be contributed contribu-ted stocks and bonds, automobiles, automo-biles, furniture, fixtus, equipment, equip-ment, clothing, etc. To be deductible your contributions contribu-tions must be to a religioua, charitable, charit-able, educational, scientific or literary lit-erary organization; or an organization organiza-tion for the prevention of cruelty to children or animals, except when such organization is operated for personal profit or to conduct propaganda prop-aganda or attempt to influence legislation. le-gislation. Also deductible are gifts to fraternal organization if they are to be used for charitable or religious re-ligious purposes, and gifts to veterans vet-erans organization. Gift to governmental gov-ernmental agencie for public purposes, pur-poses, etc. Do not deduct political campaign contribution or contributions to any organizations that devote a good part of their activities to prop aganda, lobbying or trying to influence in-fluence legislation, even for a worthwhile purpose. last Monday afternoon. Members present were Jimmy Moss, Dennis NX'iechman, Wayne Dimmick, Richard Rich-ard Stevenson, Ray Dominguez and Douglas Turner. A Lady Eagle by-law committee commit-tee meeting will be held at the home of Mr. Carrie Doyle Friday evening even-ing (tonight). Other member of the committee are Mr. Diana Dis-penza Dis-penza and Mr. Pearl Nichol. U. Women Issue WRA Sweaters White weater award for eight quarter of outstanding participation participa-tion and leadership in the University Univer-sity of Utah Women' Recreation Assn. have been presented to Yvonne Sarrao and Jo Anne Parry. Presentations were made at the annual an-nual awards banquet of WRA. Winner Win-ner have maintained a B average at the University. Six-quarter participation par-ticipation awards went to Marcia Barrett, Carol Cutler, Margaret Howe, Sally Smith and Jackie Win-terose. Win-terose. O i |