Port Aransas South Jetty (Port Aransas, Tex.), Vol. 16, No. 45, Ed. 1 Thursday, November 6, 1986 Page: 12 of 18
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PAGE 12A
......................................
THURSDAY, NOVEMBER 6, 1986
Business
PORT ARANSAS SOUTH JETTY
It's vour money-
it or lose it
By H.C. (Hank) Gillespie
The new Tax Code has stated, in
no uncertain terms, that there are
few “loopholes" left for the average
taxpayer. One area that has been
changed for 1987 and beyond, but
remains intact until Npw Year's
Eve, is the area of charitable giving.
I don’t know how it is around
your place, but at mine nearly every
day brings a fistful of appeals from
various worthy causes. You had
better heed them before December
31 — or you will lose a lot of tax
benefits. If you don’t itemize, you
don’t get any deduction at all in
1987
The new tax law may well put you
in a lower tax bracket foi 1987, so
charitable contributions made
after the first of January will be
worth less as deductions. If you are
in the 50 percent tax bracket cur-
rently, and send $1000 to your fav-
orite chanty, you get to chop $500
off your 1986 tax bill. But delaying
the gift until 1987, when the top tax
bracket is just 38.5 percent, will
mean you get a cut of only $385.
Instead of making a payroll deduc-
tion lor a communtiy charity next
year, make a lump-sum contribu-
tion by year end — you get a bigger
1986 tax deduction
Planning to donate stocks or
other appreciated property'? This
year if you give $10,000 worth of
property that cost you only $6,000,
you can deduct the entire $10,000.
If you are in the 50 percent tax
bracket, that means you have a
$5ono out ir. your debt t« Uncle. If
you wait until next year to do the
same, the $4,000 gain becomes a
preference item and is subject to
the 21 percent Alternative Mini-
mum Tax. This reduces the tax
benefits rather dramatically.
Another way to get a big 1986
deduction is a Charitable Lead
Trust. This baby lets you give assets
away — and then get them back. 1
call it the Give It Away To Keep It
Trust. You put cash or income pro-
ducing property in a trust, and the
income goes to charity for a specific
number of years. You get an imme-
diate deduction for the donation.
When you get the property back
after the trust ends, you can fur-
ther put off taxes by doing it all over
again. Or, you can make an outright
gift of the assets.
In any event, timing is critical.
For tax purposes, your mailed con-
tribution can be postmarked as late
as Dec. 31. If the charity can charge
your gift to your credit card, you get
the deduction now, even if you
don’t pay the bill until 1987. When
you give stocks, the endorsed certif-
icates must be delivered to the
charity by Dec. 31. You’d better
hurry if the shares are held by your
stockbroker. You can’t claim the
deduction unlii liie shares are
listed in the charity’s name on the
corporation’s books, which can
take weeks.
It makes real good sense, if you
have the desire to give. If charity is
not your bag, or if you are your
favorite charitable organization,
wait until next week’s column.
It’s your money, take care of it....
Chamber to meet
today at Anchorage
The Port Aransas Chamber of
Commerce will hold its monthly
breakfast meeting at 8 a.m. today,
Nov. 6, at the Anchorage Restau-
rant.
A1 Jones of Hilton Head, S.C., and
Tom Francis and Bob Jenkins of
Austin, major investors In the Port
Aransas Yacht Club marina/condo-
minium/ retail center development,
will present a program dealing with
the project.
Chamber members are urged to
attend the meeting and the public
is invited.
* .SENT SUMMARY
on hctaii "‘‘(JJjoSs41 u"itS'«i.og Rfo o paoking
4 000
' 000
I $00
> *00
10urn«mcnl Arti
Jdeque's Restaurant
Jacque Fuller is now operating Jacque’s Restaurant at 108
W. Cotter Ave., at the site of the former Walrus and Car-
penter, where she had been the manager. Jacque’s offers a
full menu of seafood, steaks and specials, as well as fresh
baked goods and luncheon specials. The restaurant is open
7 a.m. to 3 p.m. Sunday through Friday and 7 a.m. to 10 p.m.
Saturdays. The phone number is 74Q-4322.
V acht club layout
This is a diagram of the proposed Port Aransas Yacht Club, to built in phases over a
four-year period on the Port Aransas waterfront. The $33 million condominium/mari-
na/retail center project will include floating docks, a central public plaza and pavilion,
and, eventually, 200 condominium units.
Aransas Harbors
One and two bedroom units now available
Call Today: 749-4122
New
Lowered
Ratesl
Y acht club
from page one
over for a day, as well as the week-
end tourists, to a quaint little village
of specialty shops, a place to just
wander around on the Port Aran-
sas waterfront," Mrs. Colburn said.
“We envision it as becoming the
Port Aransas downtown area,” Mrs.
Colburn said. “We’re going to create
a yachting village, a drawing point
for the entire community. We want
to give the town some synergism
that will help other businesses and
change the image of Port Aransas a
little bit.”
Mrs. Colburn said that because
several of the primary investors
have been associated with the
Summit Group of Hilton Head, which
recently bought Teal Harhnr and
Cline’s Landing and also has built
other coastal community projects
liie quality of the Port Aransas
Yacht Club will be of high degree.
She added that the scope and
quality of the project should infuse
some welcome vitality into the local
economy.
“This will increase the number of
local construction, retail and ser-
vice jobs," Mrs. Colburn said. “It
should be really good for the econ
omy of Port Aransas and for the
future of Port Aransas."
Mrs. Colburn said that the inves-
tors believe the complex will be a
great success, despite the recent
sluggish economy of Port Aransas,
the state and the Southwest, be-
cause of the built-in flexibility of the
phase development schedule. She
said economics, sales and other
financial factors will determine the
pace of the construction schedule,
with new condominium sections
being built probably only after the
preceding section reaches at least
50 percent occupancy.
“This is unique," Mrs. Colburn
said. “There’s no other project like it
in Port Aransas. We’re doing it in
phases so that we can move along
with the economic situation. We’re
not flooding the market with 200
units at one time; we’re building 36
or 42 at a time lu meet the demand.
And we have the flexibility to change
»he phases progress."
Mrs. Colburn said the Port Aran-
sas Co. is “shooting for four years to
be completed with the project and
all of the units sold."
Three of the development’s major
investors — A1 Jones of Hilton Head
and Tom Francis and Bob Jenkins
of Austin — are planning to discuss
details of the project with the Port
Aransas business community today,
first at 8 a.m. at the Chamber of
Commerce breakfast and again at
noon at the Rotary Club luncheon.
Mrs. Colburn said the three will
discuss schedules, construction de-
tails and other facets of the project,
as well as present architectural
drawings and artists’ renderings.
The public is invited to attend
both meetings.
Monthly rentals of furnished and unfurnished apartments available.
Port Aransas’ most luxurious apartment complex
'Sauna *Qub Room 'Jacuzzi 'Pool 'Tennis
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Judson, Mary. Port Aransas South Jetty (Port Aransas, Tex.), Vol. 16, No. 45, Ed. 1 Thursday, November 6, 1986, newspaper, November 6, 1986; Port Aransas, Texas. (https://texashistory.unt.edu/ark:/67531/metapth663088/m1/12/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Ellis Memorial Library.