3 ms·
Is it at all clear that Zuckerberg is getting any tax benefit from moving his shares? I believe the "foundation", which is not a non-profit, will still pay tax
by jegutman 11y ago
Is it at all clear that Zuckerberg is getting any tax benefit from moving his shares? I believe the "foundation", which is not a non-profit, will still pay taxes when it sells FB shares. If the LLC donates to a non-profit then it will get a tax benefit.
IANAL, so please someone who is actually informed feel free to correct me. A lot of what I've seen written is completely un-nuanced and probably wrong.
- hsitz 11y agoI am a lawyer -- or used to be one -- and your understanding is consistent with mine. I think some people are confused and think there's something shady going on, because they think Zuckerberg is getting some tax benefit from gifting to a non-charitable organization. But what you say is actually what's happening: no tax benefit to Zuckerberg on the gift to the LLC, although the LLC itself will be able to claim tax benefits by making subsequent gifts to non-profits.