Kirsch: Cheney Tax Return Shows Katrina Tax Benefits for Non-Katrina Charitable ContributionsQuicklink submitted by Amanda Lang Permalink
Become a Fan
|It appears that the VP is a major beneficiary of the Hurricane Katrina tax relief act. In particular, he claimed $6.8 million of charitable deductions, which is 77% of his AGI -- well in excess of the 50% limitation that would have applied absent the Katrina legislation. The press release indicates that the charitable contribution reflects the amount of net proceeds from an independent administrator's exercise of the VP's Halliburton options -- apparently, the VP had agreed back in 2001 that he would donate the net proceeds from the options to charities once they were exercised.|
The time limit for entering new comments on this Quicklink has expired.
This limit can be removed. Our paid membership program is designed to give you many benefits, such as removing this time limit. To learn more, please click here.