Re: Widow's Fund

[Logan and Arielle <logan123@charlotte.infi.net>]

Poster: Logan and Arielle <logan123@charlotte.infi.net>

anne carey wrote:
> 
> Poster: afcarey@norfolk.infi.net (anne carey)
> 
> At 1:49 PM 7/18/96, steele@sprynet.com wrote:
> >Poster: steele@sprynet.com
> >
> >  There are ways to do take up a collection without running afoul of the
> >private
> >inurment provisions of tax-exempt organization law. The easiest way to do
> >it is
> >not to make it an activity of SCA, Inc. -- the corporation. Get some
> >volunteers,
> > put out donation baskets at events, and make it clear that the donations are
> >not being solicited by the corporation or its subsidiaries.
> >  Note: the technical effects of these gifts on the receiptient's taxes
> >could be
> >interesting, but a good accountant should be able to deal with it.
> >  --Esclarmonde
> 
> Actually, if it is treated as a gift from individuals to an individual,
> there is *no* effect on the recipient's taxes....There is also no effect on
> the donor's taxes (no deductions allowed.)  (unless the donor gave more
> than $10,000{or is it $20,000?}...then the *donor* would be required to pay
> a gift tax on the amount exceeding $10,000 {or $20,000}

Unless the code has changed in the last two years the limit on gift 
giving from one individual to another is $10,000 annually.
> 
>Arielle
> 
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