$1.4 million to charity

[SheikYerbuti]

I hope Sandra Bullock learns a lesson here. . .

[yo mama]

But it would have to go into a blind trust administered by a third party, correct? So, would the award money be a gift or income? Or a charitable donation?

Monetary prizes are considered taxable income. I have no idea what you're talking about with regards to blind trusts. My understanding is that people use blind trusts to buy real estate and other assets when they don't want to seller to know who the purchase is.

[bpwallace49]

My understanding is that people use blind trusts to buy real estate and other assets when they don't want to seller to know who the purchase is.

 

I think trusting blind people to buy you real estate isnt a very good idea.

[SEC=UGA]

Monetary prizes are considered taxable income. I have no idea what you're talking about with regards to blind trusts. My understanding is that people use blind trusts to buy real estate and other assets when they don't want to seller to know who the purchase is.

 

 

Please stop making me do my own research, I am exceedingly lazy. Evidently the "Blind Trust" idea in regard to presidents came about in the 1978 Ethics in Government Act.

 

http://www.presidency.ucsb.edu/ws/index.php?pid=44168

 

http://legal-dictionary.thefreedictionary....+Government+Act

 

http://www.law.cornell.edu/uscode/html/usc...01----000-.html

 

http://www.law.cornell.edu/uscode/html/usc...05----000-.html

Edited March 17, 2010 by SEC=UGA

[The Mucca]

I think he should of used it to pay for some illegals insurance coverage.

[SayItAintSoJoe]

This isn't a pro or anti Obama comment, but I'm just curious:

 

Obama had proposed making contributions to charity no longer tax deductable. If this were the case would he still be hit with the 1.4 M as income even though he's giving away? What ever happened to that idea?

 

 

Depending on the timing and legal nature of the President's action, it could be treated as if he never received the money in the first place: that it went straight to charity. If that were the case, then the President would not have any income from the prize in the first place, and the charity's tax-exempt status would most likely shield the entire $1.4mm from income taxation. The availability of the charitable contribution deduction would be a non-factor, unless the President first took possession of the money, rolled around in it for a while, then stuffed as much of it as possible into Michelle's G-string before donating it.

 

from cnn....

 

The first family paid $1.79 million in federal taxes for 2009 on adjusted gross income of $5.5 million, mostly from the sale of President Barack Obama's books, the White House announced Thursday.

 

Obama and first lady Michelle Obama reported $329,100 in donations to 40 different charities, with the largest reported contributions being $50,000 each to CARE and the United Negro College Fund, according to their federal tax return posted on the White House Web site.

 

In addition, Obama donated the $1.4 million Nobel Prize money to 10 charities, the White House said.

 

Under tax laws, it said, Obama's decision to donate the prize money to charity meant he didn't have to list it as income, and couldn't declare it for a charitable deduction.

 

--------------------------------

 

Good stuff "yo". I guess he didn't opt for the G-String option.

[TimC]

the United Negro College Fund

 

racists

[SEC=UGA]

racists

 

Cracker

[Dutch Oven]

He should've just given it to the GOP, then everybody could S T F U.

Edited April 16, 2010 by Dutch Oven

[TimC]

Cracker

 

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