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Culp Elliott & Carpenter Law

Culp Elliott & Carpenter Law

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Giving Your Business (or part of it) to Charity

November 26, 2023 by

Giving Your Business (or part of it) to Charity

BACK TO Exempt Organizations

Many closely held business owners and entrepreneurs want to make a significant charitable impact with their net worth. However, cash and marketable securities are not always available to fund a charitable giving program. Fortunately, various strategies are available for clients to give non-controlling closely held business interests to charity, receive a substantial fair market value income tax deduction, and continue to operate and control the business.

Look to Us When You Need:

  • Maximize charitable income tax deductions (up to 30 percent of adjusted gross income) with gifts of non-controlling business interests
  • Avoid capital gains on a subsequent sale of the gifted interests
  • Reduce yearly income taxes
  • Free up additional cash flow to be used for ongoing charitable giving

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