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Charitable contributions mean some tax advantages S E C T I O N 2 - P A G E 7 - P L A I N D E A L K I t - W i : » ) N i ; S I ) A V , I I I H t U A H Y K , l ! ) H 4 With the present economic squeeze, everyone is interested in ways of reducing the amount of money spent on goods/ ser­ vices and taxes. One method of potentially reducing the latter is to make charitable con­ tributions. Federal income tax laws encourage such donations by allowing deductions of charitable gifts against income. These deductions will not only reduce the amount of taxable income, but may actually move the donor into a lower tax bracket. Charitable contributions may be made in the form of real property such as land or per­ sonal property such as stock and may be an income producing or a capital asset. Since the rules fordeductionsof various types of gifts vary, it is important for donors to carefully determine the type of property to be donated and the method b} ich it will be given in order; take greatest advantage of the contribution in reducing income taxes. Gifts of property that may be used as deductions include appreciated property, cash, use of property, and unappreciated property. Unfortunately, gifts of service are not deductible. There are 11 methods of giving property, including: outright donations, bargain sales, donations with a reserved life estate, donations with divided interest of land, bequests, conservation easements, leases, sales and leasebacks, purchases and resales, tax delinquent properties, and life insurance. Each of these methods offers advantages . and disadvantages and may be structured to meet the needs of both parties. There are limits on the mjeneral news PEOPLE anigunt an individual or cor- ^ponhion can deduct for a donation in any one year. The general rule is that an individual may deduct the value of his donation in any one year up to 50 percent of his adjusted gross income for that year. This does, however, depend upon the type of charitable organization in­ volved. Any excess may be carried over and deducted over the next five years or until it is used up. Corporations are presently limited to 10 percent of their taxable income. Applications available for paid legislative internship Applications are now available for 18 paid legislative internships offered through the Illinois Legislature and Sangamon State University, State Rep. Dick Klemm (R- Crystal Lake) announced recently. "These special internships provide academic and professional training in political and legislative processes and government policy analysis," Klemm explained. "They are an excellent opportunity for anyone interested in pursuing graduate study in these areas or in­ terested in a government- related career." The 18 applicants appointed to the 9^-month program receive a $900 per month stipend and graduate credit for their work. Appointees are assigned as interns to a partisan legislative staff or to the non-partisan Legislative Council. Four in- Teens plan volleyball benefit STAFF PHOTO-WAYNE GAYIORD Roxanne Dowel I, left, Michele Sullivan and Chad Miller are shown making plans for the benefit volleyball scheduled Feb. 10-11. marathon A volleyball marathon will be held Feb. 10 and 11 from 7 p.m. to 7 p.m. in Montini's gym­ nasium. The marathon was the idea of Roxaine Dowell as a way of assisting another student, Wendy Turner, who has been hospitalized and has undergone surgery. Without insurance, family debts to date have reached $4,000. The goal of the 20 teens from St. Mary's Youth Group, the sponsoring organization is the amount of the debt. V, den o Misses Satin Sleepshirts Now 21.99, reg. $30. You deserve some luxury -- and these savings make indulgence practical. Machine-washable polyester satin in lustrous pastels with man-tailored piping. Sizes s, m, Famous Maker Print Sheets Now 5.60-20.80, reg. $7-$26. Every print sheet is on sale. You'll find florals, stripes and geometries from the makers you trust: Springmaid, Burlington, Martex, Stevens and Wamsutta. Twin, full and queen sheets; standard cases. and more Jack Winter" Cambridge Collectibles™ Jacket origi- n a I I y $ 6 6 n o w 2 9 . 9 9 . P a n t s a n d s k i r t o r i g i ­ n a l l y $ 2 3 n o w $ 1 4 . 9 9 . P o l y e s t e r s t r e t c h g a ­ b a r d i n e i n n a v y a n d t a n . S i z e s 8 to 18. 20% 9.99 Men's Arrow0 and VanHeusen* Dress Shirts Orig. S19-S23. Famous-maker quality, great fit and dashing good looks -- ail at savings of 45%-50% and more. Choose from a variety of solids and fancies in sizes 14V2-17V2 with 32-35 sleeves. 4.99 Wembley0 Neckwear Orig. $10-12.50. 12.50 Eisenberg Necklace... FREE Bracelet and Earrings with purchase Comp. at $18 This dainty gold-tone • necklace with mock pearls is perfect for Valentine's Day. Buy the necklace, and you'll get the matching bracelet and earrings free. * rtsn 40% Save All Regular Price Coffee Mugs Now 59$-$4.20 reg.99c-S7.Our entire stock is on sale, from bright and basic solids to fresh, novel designs. Why wait to get those new mugs you've been wanting, when you can save 40% right now? Intermediate markdowns taken on some items. O X ) the best quality costs less at OO terns are assigned to each of the following: House Republican Staff, House Democrat Staff, Senate Republican Staff and Senate Democrat Staff. Two additional interns work with the Legislative Council. Applicants must have com­ pleted an undergraduate degree prior to Sept. 1, 1984. A minimum grade point average of 2.75 on a 4.00 scale is also mandatory. Transcripts, letters of recommendation and a series of essays are required of each applicant. The application deadline for "the 1984-85 in­ ternships is March 1. Ap­ pointments for next year's October to June interships will be made in April. Persons interested in the program should contact Kent Redfield, coordinator, Illinois Legislative Staff Internship program, Sangamon State University, Springfield, IL., 62708. The program's toll-free information number is 800-252- 8533, extension 6602. COAL PRODUCTION Illinois mines produced 4.484,878 tons of coal during December, according to Brad Evilsizer, director of Mines and Minerals. Perry County led in production with 918,276 tons. Close state offices two holidays All Secretary of State offices and facilities will be closed for Lincoln's and Washington's birthdays, Secretary of State Jim Edgar has announced. Downstate Driver Services Facilities outside Cook County will be closed Saturday, Feb. 11, for Lincoln's bir­ thday, and will reopen Tuesday, F e b . 1 4 . Washington's birth­ day will be observed b y d o w n s t a t e facilities Saturday, Feb 18, with business r resumed Tuesday. Feb. 21. All other offices and facilitiesowill be closed Monday, Feb. 13, for Lin­ coln's birthday, and w i l l r e o p e n Tuesday, Feb. 14. Those offices and facilities will close Monday, Feb. 20, for Washington's birthday, and will resume business Tuesday, Feb. 21. Council approves payments The council ap­ proved payment of $139,915 for special service area no. 1, relating to the c o n s t r u c t i o n o f Northern Illinois Medical Center. The council also voted to make payment of $35,518.75 for the 1 9 8 2 g e n e r a l obligation bond series. P a y m e n t o f $3,685.55 was made to the engineering firm of Hampton, Lenzini a n d R e n w i c k f o r work done on the Bull Valley Road intermittent resurfacing project. !f> e/u3kCY*~. I Spring Hill Wall -i WONtV Shop Spring Hill Mall Mon.-Fri. 10-9, Sat. 10-5:30, Sun. 11-5 (312)426-9100 Sam: "What ' s your biggest worry?" Joe: "Money!" Sam: "I didn't know you had any." Joe. "1 don't."