No deductions 'new for old' shall be made from the cost of temporary repairs allowable as general average.

可作为共同海损的临时修理费用，不应作'以新换旧'的扣减。

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The starting point is gross income, which is all of your income before any allowable deductions.

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Notably absent from the allowable deductions is anything for retirement saving.

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The new rule helps donors make large contributions without worrying about hitting percentage limits on their allowable yearly deductions, and it also helps high-income donors, who are subject to the phase-out of itemized deductions.

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