Can I transfer my IRA to the Art Institute of Chicago to set up a life-income gift and avoid income tax on the transfer?
New legislation gives donors aged 70½ and older an opportunity to direct lifetime distributions from their IRAs to us without incurring income-tax liability on the withdrawal. The provision will be in effect for just the 2006 and 2007 tax years. Distributions can total $100,000 per year and must be made outright. They cannot fund a life-income gift. E-mail us and we’ll be happy to give you more information about this new charitable incentive.
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