"Harry Krause" wrote in message
...
Gould 0738 wrote:
The scores of charitable organizations around the country who rely on the
acquisition and resale of donated yachts have been scuttled by a bill
passed by
Congress and signed by President Bush. (Disclosure, I used to work for
such an
organization).

Under the old law, a donor could deduct the "appraised value" of an asset
donated to charity. The law required vessels to be valued by an
independent
marine surveyor, and additionally required that the surveyor be prepared
to
defend the valuation using data commonly accepted within the industry. In
many
cases, boats were acquired through a mechanism known as a "bargain sale",
in
which
the charitable organization could pay for a portion of the boat in cash
and the
donor was allowed to take a tax write-off for the difference.

There was, undoubtedly, some abuse of such a system.

Under the new law, the donor cannot deduct anything until the boat is
resold by
the charity, and the donor will then be limited to a deduction equal to
the
amount the boat brought when sold by the charity.

Far more honest. A product you have for sale is worth...what it sells
for, eh? Why should I be able to write off a donation of a clapped-out
old Junkercraft for $100,000, when it only fetches $9,000 at sale?

Stop the presses! You're backing a Bush-supported Republican initiative,
Harry?