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Assuming no Funny Cute American Eskimo Shirt, obviously), any private foundation should be terminated within 50 years. Gates is simply telling you that’s his goal too, but wants you to give him credit. I don’t normally run the calculations for 990 PFs so this is getting really far out of my wheelhouse, but I do know that when setting these up for people who are using foundations for tax efficiency purposes, that calculation takes into account the 5% rule + the expected operating expenses with a deliberate goal of ending within a certain period of time based on that calculation. Private foundations in most cases must pay out 2% of their assets every year. I don’t know many peoThe is particularly powerful in states line. Without a mandatory minimum amount of taxation those projects and services wouldn’t be able to get enough funding.

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WA, where Gates lives Funny Cute American. Eskimo Shirt, which have no state income tax. Ok so keep in mind that there are multiple types of charitable deductions within different tax systems. On perhaps a bigger picture, there’s also something to be said for the fact that qualifying exempt purposes can be exceedingly broad and often can conflict with US governmental policy, or even values held by our society. For example, if I sent up a foundation to convert the. US to Sharia law (or to eliminate Christianity, pick something controversial) is. That really, truly enough justification to avoid paying tax? I mean, sure he won’t be here to witness it. But that obviously doesn’t mean everyone who is in his shoes going to be okay with a higher estate tax.

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