June 26, 2003
Panel Recommends Review of Tax Shelters
In response to concern that tax-exempt organizations are being used as illegal tax shelters, an Internal Revenue Service advisory committee has recommended the creation of two new offices to tackle the problem.
The committee cited two examples of abuses of charitable-giving laws: car donations by donors who claim an exaggerated value for the vehicle; and certain types of charitable remainder trusts by donors who take a charitable deduction on their income taxes for money that is not
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