Thursday,December 19,1980
Tax Advantages In Giving Cash, Stock Or Property As Gifts
CHAPEL. HILL As yon
hohdny gift hat,
remember the tax ad
stack or property, either to
jor taniy or to a charity.
qnahfy you for a tax break.
Herald Kitchen
CMtaMd Frees Paco I
la targe kettle combine
weLftatagtoaStaßUMr
7 minutes. Spoon into
desired containers. May be
kqCnrefrigerator for fi to t
MndTlmil^spim. l^!
caps. Makes 7 half pints.
Combine two seasonal
favorites for a dehghtfta
holiday toast Use 3 quarts
quarts apple cider, add
spices to taste (Hi teaspoon
each, nutmeg, and cin
namon, 4 whole Hones, 1
teaspoon grated lemon peel)
■art heat over low heat. May
be served cold, also.
" o
Top the traditional plus
packing with Hard Sauce
made by creaming (4 cup
butter to which gradually
add 1 cups confectioners*
sugar, a dash of salt and
flavoring, such as a
teaspoon vanilla, and h
teaspoon nan extract, if
desired.
Eggaog Sauce is ddkious
with your holiday desserts.
Combine a tablespoon sugar
with a tablespoon corn
starch, then gradually add 3
fTt** (ffisg and cook over
medium heat, stirring
constantly until thickened.
Cook 2 additional minutes.
Remove from beat; stir in a
teaspoon grated lemon peel
and 1 tablespoon brandy
extract. Serve warm.
Far a holiday cheese roll
that may be sliced and
served over toast rounds or
crackers, blend equal parts
shredded Cheddar cheese,
crumbled'TOde cheese" add
cream cheese; shape into a
roll. Dust with chopped
parsley and refrigerate.
This cheese mixture may
also be shaped into a ball
and covered with chopped
A scoop of ice cream
makes a wonderful dessert
served with Chocolate
Local Student
In Who’s Who
WILMINGTON
Patricia Ann Wallace of
Bdenton is among the M
students selected to
represent The University of
North Carolina at
Wilmington in the 1981
edition of Who 's Who Amoig
Students In American
Universities And Colleges.
Miss Wallace was selected
for the honor based on her
academic achievement,
service to the community,
leadership in ex
tracurricular activities and
.futire potential.
Seasonls
Greetings
and j
best wishes
fora happy
and safe
1981
Joe Thorud
Broad Street Edentoa,
N. CaroUaa H9K
A gift to your secretary
mayjbe considered a
of this holiday present plus
any dther gifts made to ttos
person (taring the year may
be deducted, only up to
Honey Afanond Sauce Heat
one cup semi-sweet
chocolate pieces with cup
hianched lhnowfc Serve
warm over ice cream and
oojoyil
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SS. To deduct the cost of a
gift on your federal income
tax return, keep records of
each business gift, says the
North Carolina Association
of CPAs. Record how much
it cost, when it was given,
the reason for giving the
gift, who received it and that
person’s business
relationship to you, plus a
description of the rift.
When you distribute
specialty items such as a
calendar with your com
pany name, costing less
than four dollars each, you
can deduct the cost for these
items as business gifts.
(This cost is not included in
™ CHOWAN HERALD
the IS per person gjM hm*.
so yen can give a business
associate a US present plus
a specialty jtemO v ywa
of your emptaywes'a cash
bonus, the totta amenta es
the bonuses may be
defected Shield yen, as an
employee, receive such a
bonus, you must reptat it as
When you receive a gift es
nominal value, hke a turkey
or ham, you don’t haw to
report ft.
ta order for yam cm
tribtatan es property to n
ftmusthetoertartheuseef
he organization ftsetf Fhr
esampta, when yen dmtae
hooks or qufts to a charity
to soft at its holiday bazaar,
yan may defect the tair
market value of the items. If
you donated the geo* to a
bazaar organised by a
person outside the charity
who then donated a per
wtage of the proceeds to
the charity, then you may
not take a defecthm
You may donate works of
art, securities and real
tatadths. There are
determine what perttan es
type mey be
* Yonrbnstoms cna dmtae
rostaMta tagtm V o|tal
gam if sold Fhr VTampta.
stfeply taMmlenders^te
and setamta. Qenenfty, yen
can defect what the
a retail gain, sack os a
piece of rota estate, yen
market valae of the
progrrty ta the time of tte
year tax adviser first
Yon con give a cash gift of
eptolSJWeachteasmany
iTfee
individual exceed these
Page 7-B
Bmfts, yen’! be required to
Me a gift tax retwn. CPAs
swft your state gift tax laws
defer from federal rulings
When yan give a family
memharagiftefstockheor
she pays ae tax upon receipt
stock, bamevu, gain or loss
by the reefeieta generally is
figmtd on the price yon paid
tar the shares. Ftar example,
yon give yem niece 100
shares of stock for which
yea paid IN a share. When
she stab the stock, its
enrteta market value is IS
or less on year cost of IN