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The choice for them was between: A. Sell the company for multiple billions, pay $700M+ in taxes, and end up with multiple billions B. Keep the company (don't
by smt88 4y ago
The choice for them was between:
A. Sell the company for multiple billions, pay $700M+ in taxes, and end up with multiple billions
B. Keep the company (don't sell or donate) and have billions in assets
C. Donate the company and lose billions in assets
They were never considering option A, so the choice was between B and C. So their total tax evasion was negligible.
They had no tax obligation to avoid because they were never selling the company.
- refurb 4y agoRight, and with option B there was a massive tax burden, as per the article. So they chose C, avoid taxes, keep the family in charge of the company.
- smt88 4y agoYou either didn't read the article or misread it. Option B didn't and couldn't have had a massive tax burden. The $700M in the title is referring to option A. The company only has ~$100M in profits to tax in the first place. Non-paywall: https://archive.ph/ifEzF https://archive.ph/ifEzF