Grassley, Baucus investigate in-kind charitable contributions

Accounting Today, April, 2004

GRASSLEY, BAUCUS INVESTIGATE IN-KIND CHARITABLE CONTRIBUTIONS: Sen. Chuck Grasaley, R-Iowa, chairman of the Committee on Finance, and Sen. Max Baucus, D-Mont., 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 file 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...