Closely Held Business Stock
A business owner who contributes closely held stock to the Prichard Committee will be allowed a charitable deduction for the fair-market value of the stock. An additional benefit is that the donor will escape the potential capital-gain tax on any appreciation in the value of the stock.
Subsequent to the gift, the corporation could purchase the stock from the Prichard Committee for cash. This not only enables the donor to retain complete control over the company but also makes cash available to the Prichard Committee for its current needs. As long as the Prichard Committee is not obligated to sell the stock to the corporation, the transaction should produce no adverse tax results.
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Shawn J. Lyons
Vice President and Director of Philanthropy
859-227-0987
shawn@prichardcommittee.org
The Prichard Committee for Academic Excellence
2285 Executive Drive, Suite 120
Lexington, KY 40505
Federal Tax ID#: 61-1026214
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