This definition appears somewhat frequently
and is found in the following Acronym Finder categories:
- Slang/chat, popular culture
- Business, finance, etc.
See other definitions of GUC
Samples in periodicals archive:
Clothing, household goods or other donated items must be in good used condition to qualify for the deduction.
A deduction for clothing and household goods will only be allowed if the property is at least in good used condition.
If the item is in good used condition or better and a deduction of more than $500 is claimed, the qualified appraisal is not required (unless the value is more than $5,000), but Form 8283 must be filed.
Donations of any household items or clothing made after August 17, 2006, won't qualify for a deduction unless the items are "in good used condition or better" or the donation includes a deduction for a single item with an appraised valuation of more than $500.
New Law: No deduction is allowed for a charitable donation of clothing or household items unless they are in good used condition or better.
Charitable Donations - Contributions of clothing or household items made after August 17, 2006, are generally not deductible unless the item is in good used condition or better.