October 28, 2004
President Bush Signs Into Law New Tax Rules on Noncash Gifts
Washington
President Bush last week signed into law a bill that will tighten rules for donations of cars, trucks, and other vehicles, as well as gifts of intellectual property and noncash corporate gifts that exceed $5,000 in value. The changes aim to prevent individuals and companies from taking overly generous deductions for such donations.
The provisions are part of the American Jobs Creation Act, a package of corporate tax breaks (HR
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