--- In [email protected], "shempmcgurk" <[EMAIL PROTECTED]> wrote: > ...but according to the poster, Gratzon didn't offer MMY > his "income", he offered him his "money" or "all of his stock in > Telegroup". Both his "money" (and, yes, there may be a bit that > represented "income" in there) and his Telegroup stock were assets > which he could donate to charity as he saw fit. > > I'm not an accountant but I don't think there is a restriction on > how much of one's assets one can give a recognized charity (giving > to individuals is an entirely different matter...that can trigger a > gift tax if the annual gift is more than $11,000). Yes, there is a > limit on how much of that gift can be deducted against adjusted > gross income each year (I think you've got 6 years to deduct it, > each year a maximum of 20% of AGI), but I don't think there's a > limit to have much of your assets you can donate.
*********** The stock was Gratzon's from day one, as he founded Telegroup, so the gains in the stock price (from zip, which is what he paid) to whatever value the stock had when he parted with it, would have been subject to capital gains tax, and the 50% limit on deductability would have applied. To subscribe, send a message to: [EMAIL PROTECTED] Or go to: http://groups.yahoo.com/group/FairfieldLife/ and click 'Join This Group!' Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/FairfieldLife/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
