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Articles related to "charitable"


Investors Battle Fidelity in Court Over Tax-Break Deal

  • In the final days of 2017, Malcolm and Emily Fairbairn thought they had everything ready to cushion the income-tax hit from more than $200 million in hedge-fund income.
  • They prepared a large charitable donation, using their relationship with Fidelity Investments and a booming energy stock to maximize their tax deduction.
  • It didn’t go as they had hoped.
  • Now, the Fairbairns and Fidelity’s charitable arm are facing off in a contentious federal court trial.

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The IRS Reels in a Whale of an Offshore Tax Cheat—and Goes for Another

  • On Oct. 15, they announced that Robert Smith, the 57-year-old private-equity billionaire who founded Vista Equity Partners, admitted he criminally evaded taxes on more than $200 million of income from 2000 through 2015 by using secret foreign accounts in the Caribbean and Switzerland.
  • At the same time, the U.S. officials chargedRobert Brockman, a Houston-based billionaire and software CEO who was the sole investor in Mr. Smith’s first private-equity fund, with hiding about $2 billion of capital-gains income from the IRS in secret offshore accounts from 2000 through 2018.
  • Mr. Brockman’s alleged evasion of tax on $2 billion is the largest criminal tax prosecution ever brought, according to the Department of Justice, and Mr. Smith’s $139 million payment is among the largest made in connection with secret offshore accounts.

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