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Re: "permanent loan" vs "gift"



While all of these are good arguments, there is one problem with some
donors--taxes.   We recently made a deposit agreement (read permanent loan)
with a prospective donor.  Since current tax laws don't allow him to get a
tax break on his own papers, he is depositing them with us and has
instructed his sons, upon on his demise, to give the papers outright.  As
heirs, they can get the tax break.  Although I sympathize with such donors,
permanent loans are not in the best interest of the recipients.

Despite my protests, I lost the argument in this situation and had to
develop a Deposit Agreement Form.

One reason why this particular donor wanted to do a deposit agreement is
that one of his friends, who shall remain nameless, made this arrangement
with another institution and told all his writer friends to do this.

I would be interested in other's comments.  Are there other institutions
that are doing deposit agreements due to tax reasons?  If not, are you able
to persuade the donor to give anyway or did you lose potential donors over
this?  (This is a big reason why we are doing deposits for those who want it.)

Thanks



****************************************************************************
Beth S. Harris          Special Collections Management Librarian
Wyndham Robertson Library       POB 9000, 7950 E. Campus Drive
Hollins University                      Roanoke, VA  24020
Fax: (540) 362-6756             Ph.: (540) 362-6237
Website:  http://www.hollins.edu

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