Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri Jan 18, 2013 06:33 AM CST

Dan, a prosperous farmer, was a pillar of his community. When the local hospital announced a major capital campaign for the building expansion, Dan was at the front of the major donor list. He responded with a generous $50,000 check. A month later, Dan received a personalized letter from the chairman of the hospital fund drive that acknowledged his contribution, the amount, and the date. Dan dutifully put this letter in his tax file, knowing his CPA had warned him of the need to retain receipts.

Two years later, when Dan drew an IRS audit, he provided that receipt to ...

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