--- In [email protected], bbrigante <[EMAIL PROTECTED]> wrote: > --- In [email protected], "shempmcgurk" > <[EMAIL PROTECTED]> wrote: > > --- 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". > ********************* > > Yeah, it is: > > "One very important point to understand about capital gains income is > that, to determine your normal tax bracket for capital gains, your > capital gain income is added to your regular income and you use the > total... not just the portion related to your earned income. Then > you're able to use Schedule D to compute your tax using a preferred > tax rate on your long-term capital gain." > > http://www.fool.com/taxes/2001/taxes010105.htm
Read what you quote above: it refers to income from capital gains as "capital gains income" which has a different rate than regular taxable income. When one refers just to the word "income" it must necessarily refer to regular taxable income. That's why you need to make a distinction. 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/
