A business owner who contributes closely held stock to Colgate will be allowed a charitable deduction for the fair-market value of the stock. An additional benefit is that the donor will escape the potential capital-gain tax on any appreciation in the value of the stock.
Subsequent to the gift, the corporation could purchase the stock from Colgate for cash. This not only enables the donor to retain complete control over the company but also makes cash available to Colgate for its current needs. As long as Colgate is not obligated to sell the stock to the corporation, the transaction should produce no adverse tax results.
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The discussion herein is general in nature and may not apply to all individuals. Prospective donors are urged to consult their personal tax and financial advisors concerning the specific consequences of making gifts to Colgate. We would be pleased to discuss, in confidence, ways in which you may support Colgate. These measures may also have an impact on your estate planning.
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