Bush Seeks to Limit Deduction of Some Gifts
The Bush administration asked Congress to limit the tax deduction that Americans claim for donating cars to charity to pennies on the dollar unless an appraiser says the vehicle is worth more.
The proposal also would limit deductions for donations of patents and intellectual property by companies as part of a broader effort to stop taxpayers from claiming inflated values for some donations.
The proposal is the second biggest of 14 new tax-raising provisions in President Bush’s 2005 budget request, which is due next month. The provisions would raise $45.5 billion over 10 years by fixing so-called loopholes in the Tax Code that generate tax breaks that were not intended by Congress.
From Bloomberg News
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