The Internal Revenue Service announced that it has reached an agreement with the Hollywood Foreign Press Association to settle the pesky problem that is the taxing of exborbitant celebrity gift baskets.

The association, which will present the 64th Annual Golden Globe Awards on Monday, has decided to forgo the traditional gift baskets for presenters. In its deal with the IRS, the group will take care of the back taxes for all gifts handed out until 2005 and provide celebrities who received baskets in 2006 with the appropriate informational income tax forms. The recipients will then be responsible for satisfying their income tax obligations.

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