The rich get huge tax breaks by donating art, property and company shares to benefit the public.
The Big Story
Wed. Jul 26, 2023
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.
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The Secret IRS Files
In lavishing gifts on the Supreme Court justice, the billionaire GOP donor may have violated tax laws, according to tax experts.
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.
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.
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.
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.
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Federal agencies have awarded millions of dollars to scientific studies on Native American human remains, undermining the goals of NAGPRA as tribes fight for repatriation.
Recent cyberattacks in the U.S. might have been detected sooner if infected computers had logging software, a feature in premium Microsoft licenses. Former National Cyber Director Chris Inglis says this type of security should already be built in.
Royanne McNair believed she had canceled her contract with a “We Buy Ugly Houses” franchise, so she pursued another offer on her house — this one for $100,000 more. Then an anonymous envelope froze the deal.
Congress gave FEMA $3.95 billion to compensate victims of the Hermits Peak-Calf Canyon Fire in northern New Mexico. Seven months later, just $3 million has been paid, and most hasn’t gone to households.
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.
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