Serious questions have been raised since Facebook Inc. Chief Executive Mark Zuckerberg announced that he would donate" 99% of his stake in Facebook shares to a new LLC he had formed with his wife Priscilla Chan.
Zuckerberg, perhaps surprised that everyone is not as gullible as the Winklevoss twins, has returned to Facebook with a clarifying statement about the "donation."
With this clarification, it is clear that there is nothing special about the LLC. It is just a typical LLC where all income and capital gains recognized will flow through to Zuckerberg and his wife on their personal tax forms. Thus, the use of the term "donate," is extremely odd and suggests a PR stunt gone bad.
Not only is this not a donation in the typical sense of the word where money is given up for good works, and generally where control of the funds donated are lost, but the money "donated" to the Zuckerberg LLC will be making many traditional investments. Full story...
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Zuckerberg, perhaps surprised that everyone is not as gullible as the Winklevoss twins, has returned to Facebook with a clarifying statement about the "donation."
With this clarification, it is clear that there is nothing special about the LLC. It is just a typical LLC where all income and capital gains recognized will flow through to Zuckerberg and his wife on their personal tax forms. Thus, the use of the term "donate," is extremely odd and suggests a PR stunt gone bad.
Not only is this not a donation in the typical sense of the word where money is given up for good works, and generally where control of the funds donated are lost, but the money "donated" to the Zuckerberg LLC will be making many traditional investments. Full story...
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