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.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.