Better Grab This Tax Break Now

For more than 40,000 wealthy Americans with family or private foundations, it's time to play tax law chicken--again. On June 30, a tax provision that lets donors deduct the full value of appreciated stocks given to private foundations will expire. Congress isn't likely to extend the break before June 30, which means that deductions on gifts made afterward will be limited to the stock's basis--essentially, its purchase price. Given the 342% stock market gain of the last decade, that's a far smaller benefit.

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