The Captain
Junior Associate
Hugs are good...
Joined: Jan 4, 2011 16:21:23 GMT -5
Posts: 8,717
Location: State of confusion
Favorite Drink: Whinnnne
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Post by The Captain on Mar 11, 2015 15:09:38 GMT -5
My employer owns a building on the mag mile. Prime downtown real estate.
I've just found out that we are leasing a decent sized suite to a (can't name it) non-for profit for the huge sum of $1 a year. Oh yea, we're covering all utilities as well.
No, we're not calling the media or tooting our horn. It's a cause the company believes in and they're willing to help the organization out.
The prior company I worked for donated a whole building (and land) to another NFP. Again, very low key as it was not done for the publicity.
Just nice to know.
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lexxy703
Senior Associate
Joined: Aug 26, 2011 13:52:17 GMT -5
Posts: 13,771
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Post by lexxy703 on Mar 11, 2015 15:12:19 GMT -5
Very nice indeed.
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Jaguar
Administrator
Fear does not stop death. It stops life.
Joined: Dec 20, 2011 6:07:45 GMT -5
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Post by Jaguar on Mar 11, 2015 15:19:32 GMT -5
I get help all the time from big pharmacies with my meds that I'm on.
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billisonboard
Community Leader
Joined: Dec 20, 2010 22:45:44 GMT -5
Posts: 37,515
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Post by billisonboard on Mar 11, 2015 17:17:11 GMT -5
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The Captain
Junior Associate
Hugs are good...
Joined: Jan 4, 2011 16:21:23 GMT -5
Posts: 8,717
Location: State of confusion
Favorite Drink: Whinnnne
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Post by The Captain on Mar 11, 2015 17:38:40 GMT -5
Since I'm in charge of the tax function for the company I'm pretty comfortable saying that was not the motivating factor. Seriously, I thank you for the link though, I didn't even think (yet) to check and see if my state offered special incentives. Yep just checked (your link and my tax research software), nope - nothing, nadda, zilch. The only reason I was consulted is because I need to see if we may get an additional deduction for what should have been the FMV of the rent. Gotta look into that, but it's still a loosing proposition. Let's say we can rent the space out for $1,000 a year. In my example we'd owe approximately $350 in income taxes netting us a profit of $650. Now let's say I can take a deduction for the FMV of the rent @ 1,000 a year (and I'm not sure yet we can do that). That would only save us taxes in the amount of $350 a year (assuming a 35% corporate tax rate). Even if we get a FMV deduction on the rent we're missing out on 30% (or more if you count the utilities) profit. That number gets up to 65% if I can't deduct the FMV of the rent. I just found out what the FMV of the rents would be and all I can say is holy crap! Gulp! I just figured out what my office alone would cost.
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NancysSummerSip
Community Leader
Joined: Dec 19, 2010 19:19:42 GMT -5
Posts: 36,377
Today's Mood: Full of piss and vinegar
Favorite Drink: Anything with ice
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Post by NancysSummerSip on Mar 12, 2015 16:04:40 GMT -5
My employer owns a building on the mag mile. Prime downtown real estate.
I've just found out that we are leasing a decent sized suite to a (can't name it) non-for profit for the huge sum of $1 a year. Oh yea, we're covering all utilities as well.
No, we're not calling the media or tooting our horn. It's a cause the company believes in and they're willing to help the organization out.
The prior company I worked for donated a whole building (and land) to another NFP. Again, very low key as it was not done for the publicity.
Just nice to know.
But it's OK to toot your horn. Really. You should get some kind of credit, if you're not getting any kind of financial whoopee from Uncle Sam.
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