May 31, 2007
Tax Agency Reviews Lease Donations
The Internal Revenue Service says it is investigating a possible tax scam involving charities that accept donations of a type of property lease.
In a letter to Sen. Max Baucus, the Montana Democrat who chairs the Senate Finance Committee, the tax agency says it has identified 48 companies, mostly in New York, whose investors have claimed about $271-million in charitable deductions involving questionable donations of interest in real-estate leases.
The arrangement being reviewed
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