--- In FairfieldLife@yahoogroups.com, "shempmcgurk" <[EMAIL PROTECTED]> wrote: > --- In FairfieldLife@yahoogroups.com, bbrigante <[EMAIL PROTECTED]> > wrote: > > --- In FairfieldLife@yahoogroups.com, "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". ********** A distinction without a difference: "Capital gains tax (CGT) is the tax that you pay on any capital gain you make and include on your annual income tax return. It is not a separate tax, merely a component of your income tax." http://www.ato.gov.au/individuals/content.asp?doc=/content/20427.htm 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/
