April 1, 2004

Congress Seeks to Stop Inflated Gift Deductions

By Elizabeth Schwinn

Amid continuing concern by Congress and the U.S. Department of the Treasury that individuals and companies are taking overly generous deductions for their gifts of cars, art, and other noncash items, lawmakers are acting to limit such deductions. They are also asking the Internal Revenue Service to explain why it has not been able to police such write-offs more effectively.

Sens. Max Baucus, Democrat of Montana, and Charles Grassley, Republican of Iowa,

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