Replies to post #81778 on CMKM Diamonds Inc (fka CMKX)

[Pedro2004]

'fung_derf'

Re: I believe I understand the tax laws perfectly well.

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I also know the law perfectly well.
I do this for a living.

I am not trying to get on your case. lol.



The problem that has arisen is: How will UC be accountable to the government?

Is UC claiming the donated shares as a charitable contribution on his personal Income Tax Return?
If so, what is the name of the 501(c)(3) organization?

If UC gave the shares as a gift to specified individuals, how are these shares being reported to the IRS?
Is each individual going to receive a 1099-MISC
or is UC going to file a Gift Tax Return for each person receiving the donated shares?

What's your input?