The rich get huge tax breaks by donating art, property and company shares to benefit the public.

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The Big Story
Wed. Jul 26, 2023

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How the Ultrawealthy Use Private Foundations to Bank Millions in Tax Deductions While Giving the Public Little in Return <[link removed]> It’s a simple bargain: The rich get huge tax breaks by donating art, property and company shares to benefit the public. But some donors collect millions while offering little or no public access. by Jeff Ernsthausen

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The Secret IRS Files

How Harlan Crow Slashed his Tax Bill by Taking Clarence Thomas on Superyacht Cruises <[link removed]> In lavishing gifts on the Supreme Court justice, the billionaire GOP donor may have violated tax laws, according to tax experts. by Paul Kiel <[link removed]>

The Biotech Edge: How Executives and Well-Connected Investors Make Exquisitely Timed Trades in Health Care Stocks <[link removed]> Secret IRS records reveal dozens of highly fortuitous biotech and health care trades. One executive bought shares in a corporate partner just before a sale, and an investor traded options right before a company’s revenues took off, netting millions. by Ellis Simani and Robert Faturechi <[link removed]>

Private Planes and Luxury Yachts Aren’t Just Toys for the Ultrawealthy. They’re Also Huge Tax Breaks. <[link removed]> What’s the only thing better than having your own Gulfstream jet? Why, getting to claim millions in tax deductions for it. All you have to do is make a case you’re using it for business, which turns out to be surprisingly easy. by Paul Kiel <[link removed]>

Wealthy Executives Make Millions Trading Competitors’ Stock With Remarkable Timing <[link removed]> Never-before-seen IRS records show that CEOs are sometimes making multimillion-dollar bets on the stocks of direct competitors and partners — and doing so with exquisite timing. by Robert Faturechi and Ellis Simani <[link removed]>

How the Wealthy Save Billions in Taxes by Skirting a Century-Old Law <[link removed]> Congress outlawed tax deductions on “wash sales” in 1921, but Goldman Sachs and others have helped billionaires like Steve Ballmer see huge tax savings by selling stocks for a loss and then replacing them with nearly identical investments. by Paul Kiel and Jeff Ernsthausen <[link removed]>

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How We Found What the City of Los Angeles Didn’t: Landlords Renting Low-Cost Housing to Tourists <[link removed]> Hotel ads, booking sites and guest reviews. Tourists staying in rooms meant for low-cost housing. Yet the city’s Housing Department has cited few landlords for violating the residential hotel law. by Robin Urevich, Capital & Main, with additional reporting by Gabriel Sandoval, ProPublica, photography by Barbara Davidson for ProPublica <[link removed]>

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LA Promised to Preserve Low-Cost Housing. These Tenants’ Homes Were Turned Into Hotel Rooms Anyway. <[link removed]> When the American Hotel converted into a tourist hotel, its long-term residents lost not just their affordable housing but the creative community that long thrived in the iconic building. by Robin Urevich, Capital & Main, and Gabriel Sandoval, ProPublica, photography by Barbara Davidson for ProPublica <[link removed]>

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