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philaiv t1_iudi68v wrote

Reply to comment by A_Damn_Millenial in Patagonia Opens Largest Store in Fells Point by sellwinerugs

No one gives away a billion dollar company to save a few hundred million on taxes. That just doesn't make any sense whatsoever.

It's always people who don't understand how taxes work that love to spread false information about taxes.

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todareistobmore t1_iudpor7 wrote

> No one gives away a billion dollar company to save a few hundred million on taxes. That just doesn't make any sense whatsoever.

He's 83. It's estate management (which is also why it's an exemption rather than a deduction).

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A_Damn_Millenial t1_iudiply wrote

You’re right. He and his family control the organizations he “gave it away” to.

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philaiv t1_iudkr16 wrote

My point was that you don't understand tax law. 501c4s are NOT tax deductible.

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A_Damn_Millenial t1_iudqf0v wrote

Also correct. Didn’t I say they paid 17 million in taxes? 17 million is only 1.41% of the 1.2 billion that should’ve been paid when transferring a company to family. Why is that so hard to understand?

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