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Tuesday, September 29, 2009
Expand tax breaks for donations - The Globe and Mail
Expand tax breaks for donations - The Globe and Mail: "We strongly recommend that the government expand the tax exemption to include gifts of shares in private companies and gifts of taxable real estate. To address any concern about the potential for valuation abuse, we propose that the charity would not issue a tax receipt to the donor until the charity had received the cash proceeds from the sale of these gifts. If the purchaser of these assets from the charity is not at arm's length from the donor, an independent, third-party valuation would be required."
Good article! I have been reading and writing on tax policies around real estate donations a lot lately. You should check out my article. It really is difficult for the charitable organizations to deal with such a donation sometimes. And the tax policies don't exactly make it easier these days. Thanks for sharing the link.
ReplyDeleteTake care, Julie