- March 2017 – Jordon N. Rosen, CPA, AEP was quoted in DuPont gives hotel art to 3 area museums, United Way by Betsy Price, Margie Fishman and Jeff Mordock (delawareonline.com)
EXCERPT FROM ARTICLE…
DuPont gives hotel art to 3 area museums, United Way
By donating the paintings, DuPont will save millions of dollars in taxes. A donation spares the company from paying corporate income tax on a sale’s proceeds and also provides DuPont with deductible donations to charity. DuPont, a $66 billion company, would have had a sale taxed at the United States’ top corporate tax rate of 35 percent. Because the paintings don’t generate any income for DuPont, donating the collection was a smart move, according to Jordon Rosen, a Wilmington accountant who specializes in business taxes at Belfint Lyons & Shuman.
“Basically, they are saving on the capital gains tax, and they are getting fair market value for their deduction,” Rosen said.
Because the United Way and the museums are tax-exempt organizations, they don’t have to worry about taxes on sales, either.
“It’s win-win for the organizations,” Rosen said.