The IRS has made the following announcement:
Notice 2010-26 designates the Chile earthquake occurring in February 2010 as a qualified disaster for purposes of § 139 of the Internal Revenue Code in the affected areas of Chile. The designation enables employer-sponsored private foundations to assist certain victims in areas affected by the Chile earthquake and enables recipients to exclude qualified disaster relief payments from gross income.
Notice 2010-26 will be published in Internal Revenue Bulletin 2010-14 on April 5, 2010.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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