14:45 What is the tax benefit of a Foundation vs. a Nonprofit organization? Welcome back to another installment of Tax Tuesday! There are a lot of questions to cover in this episode so tune in as Toby Mathis, Esq. and Jeff Webb, CPA, break them down. 0:00 Intro 10:45 I think most people have heard of 1031 Exchanges and the associated tax deferral benefits but I recently became aware of Section 721 Exchanges. Can you discuss the similarities and differences between these two options? 14:45 What is the tax benefit of a Foundation vs. a Nonprofit organization? 20:31 I have two houses I'm selling this year at the same time. Question, will I have a problem claiming both of them as residents for two out of the last five years since I'm selling them at the same time? 26:43 I am planning to follow your renting-out-stocks advice in selling covered call options. The earning of that deal will be used to buy more stock from the same company. How is the tax situation here?
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)