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4. Receipting for cash gifts. According to the new law, which is in effect for gifts in 2007 for the most part, no deduction will be permitted unless the donor can substantiate it through a bank record or acknowledgement by the donee. This will have a dramatic impact on organizations that will be asked to provide such acknowledgement. Although it is estimated that 75 percent of tax filers do not itemize their deductions, that still means millions of donors.