Capital Gains
A provision of the Tax Code allowing for the charitable donation of Individual Retirement Account assets that would have otherwise expired in 2007 has been extended through Dec. 31, 2009, as part of the Emergency Economic Stabilization Act of 2008. The Pension Protection Act of 2006, or PPA, liberalized the rules allowing for the direct donation of assets held in an IRA to charitable organizations. Under Code Section 408(d)(8), added by the PPA, IRA owners who have attained age 70-and-a-half are permitted to distribute up to $100,000 per year of IRA assets directly to a qualified charity without causing such a transfer to be taxable to the IRA owner. As originally enacted, this exclusion from income would have expired Dec. 31, 2007.
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