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An immediate significant income tax reduction via a large charitable contribution deduction.
Reduction of 99% of the capital gains tax on the sale of capital assets transferred to the CLLC.
Income generated inside of the CLLC is exempt from taxation and remains available for the taxpayer’s use.
Inheritance recipients eliminate the estate tax incurred by the taxpayer’s future estate on the assets in the CLLC.
Control of the cash generated by the sale of the capital asset(s) and 60% of compensation income is retained by the taxpayer which can be used for investments.
A public charity receives CLLC assets after 90 years, but can include them on its balance sheet now, impressing government agencies and grant-making foundations for future support.
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Establish an LLC in the state where the taxpayer resides which recites in its operating agreement that LLC exists to benefit an IRC Section 501 (c) (3) charity.
Then the taxpayer transfers his income in cash and/or his capital asset(s) to the name of the LLC
WRS for the benefit of the taxpayer acquires a TIN from the Internal Revenue Service which with the LLC Organizational documents, managing member of the CLLC opens a bank account.
This LLC then issues two kinds of ownership certificates: One given to the taxpayer which recites that they have 1% ownership and 100% voting rights with respect to the CLLC. The other certificate recites a 100% ownership in the CLLC with 0% voting rights. That second certificate is given to an IRC Section 501 (c) (3) charity or to a DAF (Donor Advisory Fund) which gives the taxpayer the right to later designate a particular desired charity
As the 1% owner of the LLC with 100% of the voting rights, the taxpayer becomes “the managing member” of the LLC which then gives him the right to loan or invest LLC cash into any kind of investment he so chooses. It is advised he not invest in any “active” business as now the LLC is liable for income tax on the net income of that “active” business. Passive income such as rents, royalties, interest and dividends are paid to the LLC free of tax.