Skaggs benefits from couple’s IRA donation

James Leon Combs, a retired businessman and owner of Beaver Creek Elk and Cattle Ranch in Taney County, and his wife, Dot, made the contribution and will give another $100,000 gift to a charity next year.

The Combs are some of the first in the region to donate under the Charitable Giving Act recently signed into law by President Bush. The bill allows people at least 70 and a half years old to move assets from IRAs to qualified charities without paying taxes on the withdrawn money.

Before the new legislation, IRA owners would pay as much as 40 percent, or $40,000, of the $100,000 in federal and state taxes. The bill is applicable for 2006 and 2007.

“Skaggs Community Health Center will get full use of the gift,” Leon Combs said in a news release. “I would prefer the charity received the entire amount, rather than having part of it diverted to Washington.”

The act also exempts blood banks from certain excise taxes and provides tax deductions for restaurants and other businesses that make food donations to food banks and pantries.

Skaggs Foundation is the charitable arm of Skaggs Community Health Center, which has 177 beds and 21 satellite medical clinics in Stone and Taney counties.[[In-content Ad]]