Please read this. Here are your study questions:
1. “How did a Goldman Sachs banker earn only $115,000?” (This one was from Professor Caron.)
2. “How can she afford to give away this much to charity — does she have a
sugar daddywealthy spouse?”
3. “So what exactly does $55,000 in secondhand clothing look like?”
(On that last item, maybe we should ask our little sibling, Fashionista.)
P.S. With respect to the title of this post: Yes, we realize that the charity in question, Housing Works, funds its programs by running a high-end thrift store — it’s not giving designer duds directly to homeless people. We’re just taking a little poetic or blogospheric license; please cut us some slack.
Tax Court: Goldman Sachs Investment Banker With $115k Salary Can’t Take $55k Deduction for Charitable Donation of Used Clothing [TaxProf Blog]