Reuters: In Bain deals, Mitt Romney made large stock donations to Mormon church

[highplainsdem]

http://blogs.reuters.com/faithworld/2012/01/20/in-bain-deals-mitt-romney-made-large-stock-donations-to-mormon-church/

Using a practice that made him eligible for large tax deductions, Mitt Romney gave the Mormon church substantial stock holdings that he obtained through his private equity firm, according to documents filed with the government and to Romney associates.

The tactic used by Romney to help meet his Mormon obligation of “tithing” – in which members donate 10 percent of their income to the church – is a common way for wealthy Americans to make large donations to charities, tax specialists say.

-snip-

Filings with the U.S. Securities and Exchange Commission indicate that Romney and others at Bain have given “appreciated stock” to the church and various charities, which gives the donors potentially generous tax benefits.

-snip-

His staff acknowledges that Romney, who has been active in the Mormon Church, has donated stock from Bain deals to the church but would not say how much.

This is apparently in addition to the millions given to the Mormon Church by Romney's family foundation, which I posted about yesterday:

http://www.democraticunderground.com/1002192097

[hobbit709]

1. Modern day "indulgences"

[surfdog]

2. The church demands 10%...

I love that.

[KharmaTrain]

3. How Much Ya Wanna Bet Mittens Cheated His Church, Too...

I smell huge tax deductions on this one...yet another reason to believe that Mittens hasn't paid a dime in federal taxes in years...maybe even decades...finding deductions and "losses" to offset his riches. Methinks this wasn't philanthropic...just another convenient tax dodge...

[Jackpine Radical]

4. There are certain advantages to having the Mormon Church on your side.

It's a way of buying into a worldwide brotherhood, many of whom are very rich, and all of whom look out for each other.

[KharmaTrain]

5. "Some Of My Best Friends"...

I have a good friend who is a devout member of the LDS church. I'm Jewish and when we first met he was fascinated in finding out about my faith and I was interested in learning about his...so I got a very good and even-handed explanation of many aspects of the faith, including the tithing of income. He ran a construction company...got his initial loan through the church and then once he was on his feet began to give a percentage of both the company profits and his own income back to the church...or more specifically the "business division". The LDS have a large commercial infrastructure...diversified holdings all over the place and a strong "networking" spirit...so I've seen what I consider a benevolent side to how the church operates.

That said, I can't see Mittens Gecko looking out for anyone but number one...

Cheers!