Gifts of appreciated securities that you have owned for more than a year can provide the donor with two tax benefits:

1. No capital gains tax is imposed on the "long term" appreciated portion of the gift, and
2. You will be entitled to a charitable deduction equal to the fair market value of the securities on the date of the gift. 

Federal law limits the deduction to 30% of your adjusted gross income in a single year, but allows a five-year carry-over, limited to 30% of adjusted gross income in each carry-over year.

Gifts of securities or wire transfers must be received in The Hockaday School account by close of market Friday, December 28, to receive 2012 tax credit. We recommend fund transfers be initiated by Wednesday, December 26.