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IRS Lets China Quake Victims Exclude Donations

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The Internal Revenue Service says employer-sponsored private foundations can treat the recent catastrophic earthquake in China as a “qualified disaster.”

The decision, announced in IRS Notice 2008-57, means that “employee victims” who receive disaster relief aid from the foundations can exclude the donations from U.S. taxable income, according to the IRS.

The earthquake that struck China May 12 killed 67,000 people, injured 292,000 and displaced 5.5 million, officials say.

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