IRS clarifies new rules on auto donations to charities

Jones, George G.; Luscombe, Mark A.
July 2005
Accounting Today;7/11/2005, Vol. 19 Issue 12, p10
Trade Publication
Provides information on guidance on vehicle donations to charities by the U.S. Internal Revenue Service. American Jobs Creation Act of 2004, which limits the charitable contribution deduction to the gross sales proceeds obtained by the charity on the sale of the vehicle; Notice 2005-44, which limits gross proceeds to fair market value; Determination of fair market value of the donated vehicle.


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