Mark Zuckerberg just bought 26 days of world peace | Sovereign Man:
This isn’t charity.
The Zuckerbergs formed a limited liability company (LLC). It’s not a non-profit or charitable trust.
The Chan Zuckerberg Initiative is a for-profit, privately held vehicle that’s intended to make investments that will advance their vision.
Over the course of their lives, they’ll transfer Facebook shares to the LLC.
But as that transfer is considered a donation, the Zuckerbergs will be able to completely eliminate capital gains tax from their Facebook shares.
Plus they’ll be able to shield billions of dollars of other income from tax by writing off the donation as a charitable contribution.
Perhaps the biggest benefit is that the Facebook shares could now entirely avoid US federal estate tax.
At the end of the day, Mr. Zuckerberg gets to retain -control- of his fortune and shares, directing funds as he sees fit into for-profit, private investments, while drastically reducing his tax bill.
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