August 21, 2003
Court Reduces Value of Charitable Deductions
A new tax-court decision suggests that the Internal Revenue Service continues to keep a sharp watch on taxpayers who claim large charitable deductions on their income-tax returns.
In the case, the U.S. Tax Court reduced by thousands of dollars a couple's charitable deductions for gifts of land and a boat.
The couple, Gabe W. Stewart Jr. and Doris R. Stewart, had said that the Auburndale Community Church, in Florida, agreed to pay them $200,000 for an acre of land they owned in
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