Original post made
on Dec 19, 2012
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This is great, Good job Mark. Here is another project you and the wife can donate to, it is called The Man In The Sea Memorial Monument, it is being created by a non-profit called Homeland Security Policy Institute Group, Inc. We are trying to raise funds to create a 11' bronze statue of a hard hat diver in Washington DC to honor all Military divers who went to the old diving school in WNY. Here is the link so you can contact us and see what is going on. www.hspig.org We need funding!!! Tom Hanks and his wife Rita have also helped out with some of the preliminary funding.
Smart move for Mark, and welcome, but the government is probably not all that happy.
Mark did not give $500 million but actually gave $500 million in Facebook stock. This means that no taxes will be paid on the capital gain of that stock. Assuming the stock was valueless at purchase time, that stock would have had a $500 million capital gain. That would have been quite a bit of taxes for both the state and the feds but since he donated the stock, no capital gains taxes were paid on it, but he gets a $500 million deduction on his taxes.