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| Your Gift Will Help IIT Bombay Become World-Class |
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You can direct your gift to the department, school, or activity you choose, including
endowing a scholarship or new faculty chair.
Under U.S. tax laws, making gifts to the IIT Bombay Heritage Fund (IITBHF), which is a qualifying non-profit
charitable organization, can be an excellent strategy in your financial planning and will help IIT become a
world-class institute of science and technology. In many instances, giving a portion of your assets to IITBHF
will provide you, your spouse and your heirs more to spend during life, while furthering the goals you share
with other IIT Bombay alumni by using dollars to help the students and faculty of IIT that you would otherwise
pay in income and estate taxes. |
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| An excellent way to deal with appreciated stocks |
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GIFTS OF SECURITIES- Making gifts of securities is especially beneficial
for people who own publicly traded stocks, mutual fund shares and certain other
types of securities that have increased or decreased in value, even if the stock
is in the donor’s closely-held business.
As appreciated non-cash property, donating such assets to IITBHF can provide tax
deductions for their full market value. The amount that is deductible includes the
original cost and appreciated value. In effect, the donor gets an income tax deduction
on capital gains income tax not yet paid. This reduces the net cost of the gift
because the income tax is avoided.
You must have owned the securities one year and one day, but the gift is deductible
up to 30% of your adjusted gross income in the year you make it. Any excess can
be deducted over the next five tax years, subject to the same limitation.
If your securities have decreased in value, you can sell them, give the proceeds
to IITBHF and take deductions for the capital loss and the charitable gift. Again,
the gift can be outright or in conjunction with a trust.
There are many other ways you can benefit by giving securities to IITBHF. For example,
you could sell them to IITBHF at your cost (called a bargain sale transaction) and
the difference between your cost and the fair market value will be deductible on
your federal income tax. Estate taxes will also be reduced.
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| Remember,
no gift to IIT is too large or too small |
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The purpose of the information contained herein is intended to provide general information to inform IIT
alumni of the many benefits of giving to IIT Bombay through the IIT Bombay Heritage Fund.
The IITBHF is not engaged in rendering legal or tax advisory services.
For such advice and assistance, you must use the services of an attorney or other professional advisor.
Watch for changes in tax laws. State laws govern wills, trusts and charitable gifts made in contractual agreements.
Advice from legal counsel should be sought when considering contracts.
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©
1996-2004 IIT Bombay Heritage Fund. |
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