Conference yukon::christian_v7

178.0. "Giving stock to the church" by XANADU::DFEDOR::fedor (David Fedor, TeamLinks Engineering) Fri Jun 18 1993 13:39

Hi folks...

  Though I hardly ever read this conference (too many talkative people!) I 
thought some of you could probably answer a question about giving Digital 
stock to the church.

  It seems to me that giving my church the stock I accumulated through the 
employee purchase plan would make tremendous sense, since the government 
wouldn't be getting any of the taxes on it at all.  On June 1, I got a bunch of 
shares which were purchased at the december price of $28, and are now worth 
about $44.  That's 63% more!  Now if I give that to the church, they get quite 
a bit more cash than was actually deducted from my paycheck, and Uncle Sam gets 
zip... the way I like it :-)

  I presume that someone in here has done this sort of thing before... what are 
all the ramifications of how to go about doing it?  Am I right in assuming that 
the whole amount would end up in my church's pocket?

-Dave Fedor

    Yeah the whole amount would end up in your church's pocket.. but you
    have declare the additional income...
    
    Which may be offset by the "Charitable" deductions category... I dunno
    check your tax consultant.
    
    Nancy

    Better wait until Clinton's new tax package comes out. You might not
    get a deduction for your gift to charity and could end up paying tax
    on the capital gain on the stock as well. The 15% we get off the price
    of DEC stock, might be classified as imputed income.

    Jim