Seniors, be a hero...make the gift of a lifetime!

If you’re age 70 1/2 or older and own an Individual Retirement Account (IRA), you can transfer up to $100,000 to one or more of your favorite charitable organizations until December 31, 2007.

Persons over age 70 1/2 are required to take IRA distributions and pay tax on the amounts withdrawn. With an IRA charitable rollover you can eliminate the income tax that would be incurred by transferring up to $100,000 to your favorite charity, such as a fund with Permian Basin Area Foundation.

For example, if you and your spouse have ample resources to support your lifestyle, you can create a fund at Permian Basin Area Foundation to support charities in our community. Each spouse can transfer up to $100,000.

Such donations are not included in your taxable income. Also, this type of donation is not subject to the 50 percent of adjusted gross income deduction limitation on cash donations.

Time is running out.

Consult your tax advisor for details. Enjoy the thrill of making a big difference during your lifetime. But time is running out. This opportunity lapses on December 31.

We invite you to contact Guy McCrary (email gmccrary@pbaf.org), at the Foundation for information about methods of charitable giving, including planned gift alternatives.

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