Tax Lawyer Advises Jeff Bezos To Use Social Welfare Organization For His Philanthropy
One of the things that would hold donors back from funding 501(c)(4) was uncertainty about whether such gifts would be subject to gift tax. IRS revenue agents looking into that possibility provided some grist for the seemingly endless IRS scandal as disclosed by a Judicial Watch document dump that I covered here. Congress fixed that in 2015. There is still an estate tax issue but Mr. Miller indicates there is a fix to that. It is pretty technical, so I will let you dig that out of his article if it is worrying you.
IRS Does Not Get Hip-Hop And Hold Onto That NOL Substantiation
There is a pretty fascinating story involving Hulk Hogan, which is really beyond the scope of this piece except to note that Hulk Hogan was upset that his daughter, Brooke Hogan, had an offer from a “black billionaire guy” to back her music career, possibly to please his son. There are reports, which I won’t link to that the son was Stack$ and you can find if you look a Brooke Hogan video produced by SoBe.
Overall none of this is very edifying, but I note that Hulk Hogan, to the contrary notwithstanding, Mr. Barker does not appear on the Forbes list of billionaires. The revelation of Hulk Hogan’s remarks came about in some litigation that you can read about in Conspiracy: Peter Thiel, Hulk Hogan, Gawker, and the Anatomy of Intrigue by Ryan Holiday.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.