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To: Lady In Blue
Because of her income tax problem the US Internal Revenue Code was amended. She was receiving a large amount of taxable income each year from the estate of her father, and she was turning it over to her religious order. But there was a limitiation on the percent of income allowed as a charitable deduction. ( Just as there is now for all (lay) taxpayers). Congresss amended the Code to allow an unlimited deduction in her type of situation.
6 posted on 03/03/2003 9:29:51 PM PST by APBaer
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To: APBaer
Ah, here it is:
"Congress in 1924 passed a bill providing that any person who had given at least 90 percent of their income to charity for the preceding 10 years would be exempt from federal taxes. The bill was widely understood to include no one but Katharine Drexel."
http://www.philanthropyroundtable.org/magazines/1999/march/baldwin.html
7 posted on 03/03/2003 9:36:37 PM PST by APBaer
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To: APBaer
**Congresss amended the Code to allow an unlimited deduction in her type of situation.**

Amazing!

12 posted on 03/03/2003 11:00:00 PM PST by Salvation (†With God all things are possible.†)
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