Businessweek Archives

Taxes


Washington Outlook: CAPITAL WRAPUP

TAXES

Charities are furious about proposed IRS rules that would limit companies' ability to write off contributions against U. S. income. Under the rules, if a donation goes overseas to help, say, flood victims in Bangladesh, the deduction could be used to offset only foreign-source income. Charities claim that since big corporate givers already have excess foreign tax credits, the rules would reduce corporate giving.EDITED BY STAN CROCK


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