CHARITABLE DISTRIBUTIONS Clause Samples
CHARITABLE DISTRIBUTIONS. If you are age 70½ or older, you may make tax-free distributions of up to $100,000 per year directly from your IRA to certain charitable organizations. Special tax rules may apply. This provision applies to distributions during tax years 2008 and 2009, or until such later time as extended by Congress. For further detailed information you may wish to obtain IRS Publication 590, Individual Retirement Arrangements from the IRS.
CHARITABLE DISTRIBUTIONS. (a) Groom has the right to allocate the Charitable Allocation to one or more recipients (each a "Donee"). Groom will direct and allocate the Charitable Allocation subject to HDD's consent, such consent not to be unreasonably withheld or delayed.
(b) The Charitable Allocation is calculated on a quarterly basis. HDD shall make the accrued Charitable Allocation available for distribution within thirty (30) days following the end of each quarter. HDD agrees to promptly comply with the written instructions from Groom as to how the Charitable Allocation, or any portion thereof, should be distributed to a Donee.
(c) Each Donee must meet the following criteria:
(1) The Donee must meet all federal and state statutory and regulatory requirements for a tax deductible contribution.
(2) A contribution to the Donee must not damage or undermine, in any manner, either party's personal or professional reputation and their respective goodwill nor damage or undermine, in any manner, the personal or professional reputation of any of their respective officers, directors, members, shareholders and employees.
(d) Any Charitable Allocation that has not been distributed within a tax year for HDD carries over to successive years and remains available for distribution as provide in this Section 5.
(e) For charitable and promotional purposes, HDD may distribute a commercially reasonable quantity of Wine Product to third parties without charge or at a reduced cost (the "Promotional Product").
(f) HDD agrees to make available to Groom a maximum of 50 Cases per year for charitable giving. HDD also agrees to produce approximately 30 3L bottles per year and make such large format bottles available to Groom for charitable giving. Such Cases and large format bottles are deemed to be Promotional Product under this Agreement.
CHARITABLE DISTRIBUTIONS. If you are age 70½ or older, you may make tax-free ▇▇▇▇ ▇▇▇ distributions of up to $100,000 per year and have these distributions paid directly to certain charitable organizations. Special tax rules may apply. This provision applies to distributions during tax years 2012 and 2013 and may apply to subsequent years, if extended by Congress. For further detailed information you may wish to obtain IRS Publication 590, Individual Retirement Arrangements (IRAs) from the IRS or refer to the IRS website as ▇▇▇.▇▇▇.▇▇▇.
CHARITABLE DISTRIBUTIONS. If you are age 70½ or older, you may be eligible to take tax-free IRA distributions of up to $100,000 per year and have these distributions paid directly to certain charitable organizations. Special tax rules may apply. This provision applies to distributions during tax years 2008 and 2009, or until such later time as extended by Congress. For further detailed information, you may wish to obtain IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).