ABC News: Wealthy Cash In on Charity Tax Loophole
WASHINGTON, March 24, 2005— On the east fork of Wyoming's Wind River, there lies what officials call a 220-acre tax loophole: Thunderhead Ranch, valued at more than $4 million.
Personal injury lawyer Gerry Spence donated it to a special kind of charity he runs and got a big tax deduction. It's a deduction Senate Finance Committee Chairman Chuck Grassley, R-Iowa, argues should no longer be allowed because Spence continues to control the ranch and no actual money went to the needy
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