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From: grant@eosp1.UUCP (Rich Grant)
Newsgroups: net.taxes
Subject: Re: Claiming IRA losses and expenses?
Message-ID: <727@eosp1.UUCP>
Date: Thu, 22-Mar-84 14:34:39 EST
Article-I.D.: eosp1.727
Posted: Thu Mar 22 14:34:39 1984
Date-Received: Fri, 23-Mar-84 20:55:04 EST
Organization: Exxon Office Systems, Princeton, NJ
Lines: 14
Re: <2018@saturn.UUCP>

Mark Scott Johnson doesn't know of anyplace in the tax code that allows
something to be deducted twice.  Here is one:

Say you have owned some investment (stock, gems, collectibles,
whatever) long enough to qualify for long term capital gains, and the
time has come to sell at a profit.  If you wish to make a donation to a
charitable organization, you can get a double deduction by giving away
the investment.  Since the item is not sold, no tax is paid on the
gain.  The "fair market value" however may be taken as a deduction.

Does anyone know if IRA accounts can be given away?  If things were
reasonable, I would guess that this would incur the tax and possible
penalties of any other withdraw from an IRA.  But then again, if things
were reasonable, . . . .