Viewing a single comment thread. View all comments

herewego199209 t1_j8o8ge4 wrote

Is it his own charity like last time?

158

GRZMNKY t1_j8o95ta wrote

Most likely

54

herewego199209 t1_j8oax6p wrote

I'm sure the IRS will diligently look into how those funds are taken out of the charity as well. /s

47

Honest_Palpitation91 t1_j8oilw8 wrote

Yes. Looking for the tax break.

24

AdRelevant3167 t1_j8p2l7n wrote

That’s not how tax breaks work.

−30

[deleted] t1_j8p5n0c wrote

[deleted]

11

voyageur77 t1_j8sjzfy wrote

No, it's not. There are IRS rules that limit deducting donations to your own charity.

1

AdRelevant3167 t1_j8p67gy wrote

What happens to the money in his own charity? You can’t just spend it on anything.

−17

mumpie t1_j8p7ene wrote

You can use it for normal business purposes like hiring yourself as the CEO of the charity and paying market rates as salary.

That's what the founder of the Susan G Koman Foundation (the pink "for the cure" breast cancer charity) did. According to the following article she made $684K in salary in 2012: https://www.cnbc.com/id/100803324

14

mazlix t1_j8s49qs wrote

You’d have to pay ordinary income on that salary though.

Donating stock has a different advantage though. Normally you pay cap gains but if you donate the shares themselves you don’t pay cap gains. This way you can sort of profit from a rise in share price without actually dumping all that extra liquidity into the market. For an ordinary person selling a stock doesn’t move the market but for Elon it can

2

chevalier716 t1_j8p4kz7 wrote

>The filing did not name the recipient, or recipients, of the donation.

Or using it to launder bribes

14

pressedbread t1_j8r2lht wrote

Very likely its a "non-profit" that only engages in right-wing political contributions.

3

turtlejelly1 t1_j8tys4r wrote

He donated to himself. This is not to benefit the charity, it’s to benefit the next step in the grand scheme. I have no idea what that is but I bet you it’s not to help those in need as being a priority.

1