November 28, 2002
Tax Agency Issues Ruling on Automobile Gifts
The Internal Revenue Service has issued a revenue ruling that explains how donors and charities should properly handle gifts of used cars. Revenue rulings from the IRS are designed to help the public by stating the government's official position on aspects of tax law.
In its position paper, the IRS delves into the controversial issue of how donors should calculate the fair market value of their vehicle contributions without exaggerating the value of their gifts.
The tax agency
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