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Enjoy the Rewards of a Stock
Gift
To
take a deduction for gifts of securities and other assets
at their current value, you must have owned them for at
least one year and a day. Such gifts are deductible
up to 30 percent of adjusted gross income in the year of the
gift. Any unused deduction amounts may be used in as
many as five subsequent tax years.
Example:
Bill and Sue Smith purchased 100 shares in ABC Corporation
in 1982 at a cost of $2,000. Today the shares are worth
$10,000 and pay less than two percent in annual dividends.
Because these securities were held for more than 18
months, they owe as much as $1,600 in federal capital
gains tax. The Smiths normally contribute charitable gifts
of $10,000 annually in cash. In their tax bracket, this
gift’s savings would total $3,960. If their gift was in a
form of stock with a cost of $2,000, their tax savings
would increase to $5,560 (40% greater in savings).
Please check with your tax advisor for
additional details.
Stock Donation
Stock can be donated
to United Way of Tarrant County in one of two
ways:
1. The
donor’s broker can electronically transfer stock to United
Way
via a DTC
(Direct Transfer Certificate). The donor’s broker may
contact one of the following investment brokers:
UNITED WAY
BROKER |
DTC
NUMBER |
ACCOUNT
NUMBER |
CONTACT NAME
AND NUMBER |
JP MORGAN CHASE
|
0226 |
PYH380075 |
Jack Hove
Investment Advisor
Private Client Services
817-884-4447 |
|
CHARLES SCHWAB |
0164
Code 40 |
8992
2849 |
817-820-1154
800-435-4000 24 hour access |
|
Merrill Lynch |
5198 |
552-04157 |
Jack Benson
Financial Advisor
817-877-9631 |
2.
Stock certificates can be physically mailed or
delivered to United Way
of Tarrant County, P.O. Box 4448, Fort
Worth, TX 76164-0448.
Gift Letter
When signing the back of the
stock certificate, a gifting letter from the donor is needed.
State that the certificate of stock is a gift to United Way.
Irrevocable Stock or Bond Power
If the stock certificate bears the name of
the donor, the attached Irrevocable Stock or Bond
Power should be completed and signed by the donor (this form does not
need to be notarized). A gift letter from the donor must accompany the
certificate and Stock Power
indicating the donor's intention of
donating the stock to United Way of Tarrant County.
Irrevocable Stock or Bond Power Form
Questions regarding United Way's stock donation
program can be directed to:
Benton Clark
Executive Vice President,
Administration
817-258-8010
Mitch Leach
Vice President and
Controller
817-258-8114 |
