Comment on [deleted]
sanguinepar@lemmy.world 5 months ago
I’d very much doubt he can just use it any way he pleases, or for personal use at all for that matter.
I don’t know about charity law in the US, but the point of a foundation, I think, is that you lose control of the money, and in return don’t have to pay tax on it anymore.
That’s not to say that shenanigans aren’t possible, or that he doesn’t still have a say, but I don’t think he could use it the way you’re describing.
AmidFuror@fedia.io 5 months ago
If one of his companies got fined by a government entity, could he offer to make a charitable donation in lieu of the fine? And then make the donation using his foundation?
This one may sound far-fetched, but could he have a straw bidder buy a portrait of himself being sold at auction and then pay that straw bidder with money from his foundation? And then the straw bidder would transfer the portrait to him.
fine_sandy_bottom@discuss.tchncs.de 5 months ago
Neither of these are at all possible.
The foundation is audited each year by independent auditors to ensure that the money is being spent in accordance with the objectives of the foundation.
AmidFuror@fedia.io 5 months ago
Hey, I did state it was far-fetched. I guess no one would try to pull this off.