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Kirsch: Cheney Tax Return Shows Katrina Tax Benefits for Non-Katrina Charitable Contributions

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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.
Read the rest of the story HERE:

At taxprof.typepad.com

 

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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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