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View Diary: Rolling Jubilee - time for Gates, Zuckerberg, and other dot com billionaires to step up to the plate (39 comments)

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  •  They can help Occupy set up a 501(c)3, no? (2+ / 0-)
    Recommended by:
    johnny wurster, bobsc

    Then take a tax deduction for contributions to the 501c3. Among other options. (That's not even "thinking outside the box," that's sorta basic.)

    Perhaps I don't understand your point.

    (I'm no tax expert, but I'd think they could even set it up as a privately-held for-profit subsidiary, not collect the pennies owed, then deduct the business losses, if they preferred to go that route. As serendipity says, imitating Occupy would be the highest form of flattery.)

    •  as noted upthread, I don't think it could be (3+ / 0-)
      Recommended by:
      BvueDem, bobsc, grover

      c3, although note also that there's disagreement on this point.  re: closely held company: intent, not corporate form, will control.  if the forgiveness is donative in nature (ie if its intended as a gift, and I think it clearly is), then the forgiven debt will be non-deductible.

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