Last Updated January 04, 2019

Law and Practice

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Sullivan & Cromwell LLP has advised many of the world’s most influential families for more than 135 years, on all aspects of their business and legal affairs, from complex transactions to family business governance and wealth preservation. Through 12 offices on four continents, we provide highly integrated legal services to the world’s leading families and companies in their most important domestic and cross-border matters. The firm prides itself on being at the intersection of private client, trust and transactional advice and can advise on and execute any type of transaction, in any industry, economic climate or geographic region. We would like to thank Katherine J. Nixon and Samuel E. Roth for their valuable contribution to the firm's chapter of the Private Wealth Guide.

US persons generally may deduct contributions to tax-exempt organisations. US tax-exempt organisations are generally classified into two main groups, private foundations and public charities, distinguished primarily by the level of public involvement in their activities. A public charity generally receives a substantial portion of its support from the general public, and has greater involvement with – and accountability to – the public at large. Contributors to public charities may deduct up to 60% of their adjusted gross income (“AGI”) for cash contributions, and 30% of their AGI for a contribution of long-term capital gain property. A private foundation, however, generally receives most of its support from one person or a small group of contributors and from investment income, and is typically controlled by a family or a small group of individuals. Contributors may deduct up to 30% of their AGI for cash contributions and up to 20% of their AGI for capital gain property. Because private foundations have less exposure to the public, such organisations are subject to operating restrictions and rules to ensure that they are truly organised and operated for charitable purposes and not for private benefit.

Sullivan & Cromwell LLP

1 New Fetter Lane
London
EC4 1AN

+44-20-7959-8900

+44-20-7959-8950

zirinisb@sullcrom.com http://www.sullcrom.com
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Author



Sullivan & Cromwell LLP has advised many of the world’s most influential families for more than 135 years, on all aspects of their business and legal affairs, from complex transactions to family business governance and wealth preservation. Through 12 offices on four continents, we provide highly integrated legal services to the world’s leading families and companies in their most important domestic and cross-border matters. The firm prides itself on being at the intersection of private client, trust and transactional advice and can advise on and execute any type of transaction, in any industry, economic climate or geographic region. We would like to thank Katherine J. Nixon and Samuel E. Roth for their valuable contribution to the firm's chapter of the Private Wealth Guide.

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