Friday December 04, 2015

Mark Zuckerberg Defends His $45B Charitable Impulse

Do any of you really care how Mark Zuckerberg gives away his own money? Most of us would have cashed in all our stocks and retired to an island somewhere by now.

By using an LLC instead of a traditional foundation, we receive no tax benefit from transferring our shares to the Chan Zuckerberg Initiative, but we gain flexibility to execute our mission more effectively. In fact, if we transferred our shares to a traditional foundation, then we would have received an immediate tax benefit, but by using an LLC we do not. And just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC.

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