On the Record: All that Glitters Isn't Tax Exempt
Beware the gift that brings with it unexpected IRS worries.
By
Kathleen Stephenson
and Lisa Petkun
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While the goal of any good fundraiser is to raise funds, it’s important to know that not all gifts are created equal. For instance: An alum gives his cattle ranch to his college or a patron gives the controlling interest of her business to the local art museum. These gifts might be of great value, but they also might have unexpected income-tax consequences for the receiving organizations.
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Kathleen Stephenson
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