--- In [email protected], bbrigante <[EMAIL PROTECTED]> wrote: > --- 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.
...but you said it was a 50% limit on income. Capital gain is not "income". 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/
