One of the responses stated that, if the purchaser sold the necklace, "there would be no tax due on the sale" of the jewelry, and the purchaser could give the sale proceeds to a charity and "claim a cash charitable contribution . . . ."

The writer is not correct when stating that there would be no tax due on the sale. There would be, and the sale would generate a taxable gain of the difference between the $8,000 paid and the amount received. Since the sale would be a "casual" sale of personal property, and not the sale of a capital asset, the gain would be treated as ordinary income. Of course, there would be a tax deduction for the gift of the proceeds, but the income generated by the sale might affect the seller’s Alternative Minimum Tax, and cost additional taxes.

A more practical approach would be to get a good appraisal of the necklace, then donate the necklace to a charity (even the same charity) and claim a charitable deduction based on the appraised value, without triggering any taxable income. The gift of appreciated property to charities is a common way of getting a charitable deduction based on the increased value of the asset, without having to recognize the gain or income.

If the purchaser is an astute evaluator, he or she might then bid for the same necklace (or any other undervalued item) at the next auction, try to get another "steal," and repeat the appraisal and donation process.

Eli Uncyk
Uncyk, Borenkind & Nadler, New York

A Couple Advantages
Dear Editor:
I thoroughly enjoyed "Rise of the Copreneurs" (January 2006). The article’s analysis of the husband-and-wife business team trend in the home companion care industry was fascinating, and I couldn’t help but note a poignant and important subtextual message in the piece.

In these largely unsettling times, it is refreshing to see spouses join their professional efforts to provide such a meaningful service. Partners In Care, Don and Sally Olin’s dynamic company highlighted in your article, is currently providing care for my own parents. Finding a truly caring and dependable company to fulfill such a vital role is a decision that involved our entire family, so it made sense to us to employ a family-run company to provide that care.

While your article was certainly accurate in underscoring the financial gains appreciated by business owners in this rapidly rising field, the most significant point made was that these husband-and-wife teams are finding their true wealth in caring for their clients and giving peace of mind to the families. It is a new kind of wealth–one that cannot be bought, sold or traded–and we all benefit in the end. This is certainly true of the Olins, the Partners In Care team and my aging parents.

Dwayne Alexander
Charlotte, N.C.

Advisory Requirements
Dear Editor:
I recently read "Credible Credentials" (January 2006) by Daniel DelRe. While the ABA Institute of Certified Bankers appreciates the mention of its Certified Trust and Financial Advisor (CTFA) credential, there are a couple of things in the chart that might be misleading to readers:

Requirements: CTFA candidates must pass a four-hour exam covering fiduciary responsibilities and trust activities, personal finance, insurance and estate planning, tax law, investment management and ethics.

Expertise: CTFAs possess expertise in the provision of fiduciary services related to trusts, estate, guardianships and individual asset management accounts. Based on the current listing, one might assume that a CTFA’s expertise only lies with trusts when in fact a CTFA’s expertise covers personal financial planning, insurance, estate planning and investment management.

Dispute resolution: ICB will revoke the CTFA designation of members who have breached established ethical standards or failed to meet membership requirements.

Howard Walseman
Institute of Certified Bankers, Washington, D.C.