Harry Krause wrote:
RCE wrote:
"Harry Krause" wrote in message
. ..
Shortwave Sportfishing wrote:

For a former "reporter" Harry, you seem to have a strange way of
working a story.

From Friday's NYT - buried, but it was there. Please note the first
and last paragraphs.

--------------------------------

"The Cheneys reported adjusted gross income of nearly $8.82 million, a
number largely padded with income they received by exercising stock
options that had been set aside in 2001 for charity.

The Cheneys donated about $6.87 million to charity from the stock
options and royalties earned on Mrs. Cheney's books: "America: A
Patriotic Primer," "A is for Abigail: An Almanac of Amazing American
Women" and "When Washington Crossed the Delawa A Wintertime Story
for Young Patriots."

Recipients of their charitable donations included: George Washington
University Medical Faculty Associates for the benefit of the
Cardiothoracic Institute, the University of Wyoming Foundation and
Capital Partners for Education, to benefit low-income high school
students in the Washington area.

After subtracting the charitable contributions, the Cheneys' income
was $1.95 million on which they owed $529,636 in taxes, according to a
statement released by the vice president's office.

Since the Cheneys paid $2.46 million in withholding and estimated
taxes over the year, they were entitled to a refund of about $1.93"
million."

------------------------

I don't like Cheney either, but fair is fair.

I didn't say it wasn't legal. Good tax planning obviates the need for
substantial refunds. Paying that kind of money in withholding only to get
most of it back is...not too bright.

Donating $6.87 million to charity in one year kinda screws up your tax
planning.

RCE


You think it was an unplanned donation?

It wouldn't matter. Have you ever exercised stock options? Depending
on the size, tax withholding is often required on the transaction,
particularly if it was considered cashing out, even if he donated the
cash proceeds from the transaction to charity.

"Curtis CCR" wrote in message
oups.com...

Harry Krause wrote:
RCE wrote:
"Harry Krause" wrote in message
. ..
Shortwave Sportfishing wrote:

For a former "reporter" Harry, you seem to have a strange way of
working a story.

From Friday's NYT - buried, but it was there. Please note the first
and last paragraphs.

--------------------------------

"The Cheneys reported adjusted gross income of nearly $8.82 million,
a
number largely padded with income they received by exercising stock
options that had been set aside in 2001 for charity.

The Cheneys donated about $6.87 million to charity from the stock
options and royalties earned on Mrs. Cheney's books: "America: A
Patriotic Primer," "A is for Abigail: An Almanac of Amazing American
Women" and "When Washington Crossed the Delawa A Wintertime Story
for Young Patriots."

Recipients of their charitable donations included: George Washington
University Medical Faculty Associates for the benefit of the
Cardiothoracic Institute, the University of Wyoming Foundation and
Capital Partners for Education, to benefit low-income high school
students in the Washington area.

After subtracting the charitable contributions, the Cheneys' income
was $1.95 million on which they owed $529,636 in taxes, according to
a
statement released by the vice president's office.

Since the Cheneys paid $2.46 million in withholding and estimated
taxes over the year, they were entitled to a refund of about $1.93"
million."

------------------------

I don't like Cheney either, but fair is fair.

I didn't say it wasn't legal. Good tax planning obviates the need for
substantial refunds. Paying that kind of money in withholding only to
get
most of it back is...not too bright.

Donating $6.87 million to charity in one year kinda screws up your tax
planning.

RCE


You think it was an unplanned donation?

It wouldn't matter. Have you ever exercised stock options? Depending
on the size, tax withholding is often required on the transaction,
particularly if it was considered cashing out, even if he donated the
cash proceeds from the transaction to charity.


Very true, and if they do not think you still paid enough withholding, they
get you for an underpayment penalty.
Does not matter that you paid more than the year before, even a lot more.