Washington (March 24, 2004) --Sen. Chuck Grassley, chairman of the Committee on Finance, and Sen. Max Baucus, ranking member, have advanced their review of in-kind charitable contributions by asking the Internal Revenue Service to explain its actions to prevent abuse and for key documents detailing such contributions.

"Car donations are getting the most headlines because the General Accounting Office and the Treasury Department agree that the amounts of taxpayers' deductions often substantially exceed the fair market values of the donated vehicles," Grassley said. "But cars aren't the only charitable gift in this category. Donations of land, art and intellectual property are all raising concerns. It appears we're just scratching the surface. It's important to get a good handle on all areas of abuse to allow taxpayers to take the deductions they've earned rather than what they've inflated."

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access