No tax benefit from philanthropic initiative: Zuckerberg
Updated: 2015-12-04 11:21
(Agencies)
|
||||||||
Facebook Inc. Chief Executive Mark Zuckerberg and his wife Priscilla are seen with their daughter named Max in this image released on December 1, 2015. [Photo/Agencies] |
SAN FRANCISCO/BENGALURU - Chief Executive Mark Zuckerberg said on Thursday he and his wife would receive no tax benefit from setting up their new philanthropic endeavor as a limited liability company and hinted at the types of efforts it would support.
In a post on his Facebook page, he wrote that "just like everyone else, we will pay capital gains taxes when our shares are sold by the LLC."
While reiterating that the entity, called the Chan Zuckerberg Initiative, would focus on areas like education and disease, he indicated the efforts would be similar to philanthropy he and his wife, Priscilla Chan, had already supported.
Their recent donations include $20 million to EducationSuperHighway, which helps connect classrooms to the Internet, and a new acute care and trauma center at San Francisco General Hospital, where Chan works as a pediatrician.
Chan and Zuckerberg said on Tuesday that 99 percent of the stock they hold in Facebook would go toward the philanthropic project over their lifetimes. At the stock's current price, that stake is worth $45 billion.
Responding to a comment he would pay "ZERO tax" for the initiative's investments that was made in reply to his Facebook post on Thursday, Zuckerberg denied that was the case.
"Please don't spread inaccurate information," he posted.
- Locals have tradition of drying foods during harvest season
- Beijing-Tianjin-Hebei govts to cooperate on emissions control
- Web promotion of prostitution to be targeted
- Two more spells of smog predicted to sweep North China
- Glass bridge in grand canyon of Zhangjiajie under construction
- Road rage cases pose huge safety challenge
- Gunmen go on a killing spree in Southern California
- Chinese, South African presidents hold talks to cement partnership
- China, Zimbabwe agree to boost cooperation
- First lady visits Africa's 'new window' on China
- BRICS media leaders to secure louder global voice
- Western science in the eyes of Chinese emperors
- Top 10 smartphone vendors with highest shipments in Q3 2015
- A deepening friendship
Most Viewed
Editor's Picks
8 highlights about V-day Parade |
Glimpses of Tibet: Plateaus, people and faith |
Chinese entrepreneurs remain optimistic despite economic downfall |
50th anniversary of Tibet autonomous region |
Tianjin explosions: Deaths, destruction and bravery |
Cinemas enjoy strong first half |
Today's Top News
Shooting rampage at US social services agency leaves 14 dead
Chinese bargain hunters are changing the retail game
Chinese president arrives in Turkey for G20 summit
Islamic State claims responsibility for Paris attacks
Obama, Netanyahu at White House seek to mend US-Israel ties
China, not Canada, is top US trade partner
Tu first Chinese to win Nobel Prize in Medicine
Huntsman says Sino-US relationship needs common goals
US Weekly
Geared to go |
The place to be |