Facebook’s Zuckerberg: No tax benefit from philanthropic initiative

SAN FRANCISCO/BENGALURU (Reuters) – Facebook Inc 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.

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Facebook’s Zuckerberg: No tax benefit from philanthropic initiative