Re:Patagonia founder gives away the company
by mikeryan on Thursday September 15, 2022 @08:08AM
(#32850507)
They are not giving “everything” away presumably they have taken many millions of dollars out of the company over the years, enough to have built likely generational wealth outside of their Patagonia holding.
If own a single asset worth $1B and donate it all, I have no tax write off because I have no money
Write offs carry forward to future years - you still get the write off even if you do t apply it.
They don’t get a write off here because the organization (that they created for this) is a 501c4 non-profit. Donations to those are not considered tax deductible.
If they are giving away everything, then there is nothing to offset the donation (except the $17B).
So it kind of makes sense?
If own a single asset worth $1B and donate it all, I have no tax write off because I have no money.