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Senate Questions Abusive Non-Cash Charitable Contributions

Senate Finance Committee Chairman Max Baucus and Ranking Minority Member Charles Grassley sent a letter yesterday to Treasury Secretary Henry Paulson expressing concern that the IRS is not doing enough to stop abusive transactions involving the contribution of non-cash property to charity and the claiming of a charitable deduction in an amount that substantially exceeds the true fair market value of the property.  Senator Baucus had previously written to Secretary Paulson about this issue on April 13.

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