Kevin Durant gives 1 million for OK tornado relilef

[tomtucker]

Pretty respectable for Durant to give $1 million. Seems like that is what entire companies are doing. My dad's company, ConocoPhillips, donated $1 million. Durant put that up himself.

ConocoPhillips


Industry Oil and gas
Predecessor(s) Conoco Inc.
Phillips Petroleum Company
Founded August 30, 2002[1]
Headquarters Houston Energy Corridor,
Houston, Texas, U.S.
Area served Worldwide
Key people Ryan Lance
(Chairman & CEO)
Products Oil, natural gas, petroleum, lubricant, petrochemical
Revenue US$ 62.004 billion (2012)[2]
Operating income US$ 15.423 billion (2012)[2]
Net income US$ 8.428 billion (2012)[2]
Total assets US$ 117.144 billion (2012)[2]

[StocktonFan]

ConocoPhillips


Industry Oil and gas
Predecessor(s) Conoco Inc.
Phillips Petroleum Company
Founded August 30, 2002[1]
Headquarters Houston Energy Corridor,
Houston, Texas, U.S.
Area served Worldwide
Key people Ryan Lance
(Chairman & CEO)
Products Oil, natural gas, petroleum, lubricant, petrochemical
Revenue US$ 62.004 billion (2012)[2]
Operating income US$ 15.423 billion (2012)[2]
Net income US$ 8.428 billion (2012)[2]
Total assets US$ 117.144 billion (2012)[2]

who cares who donated how much, as long as those capable of giving are doing so.

Durant pledged money, Kobe pledged and started a campaign, lebron did what?

[ralph_i_el]

Cool.

I mean. It's tax deductible for the full amount so Durant didn't actually spend any money, but still pretty cool.

probably only ~40% deductible I think it's to the % you pay in income taxes

[BuffaloBill]

ConocoPhillips


Industry Oil and gas
Predecessor(s) Conoco Inc.
Phillips Petroleum Company
Founded August 30, 2002[1]
Headquarters Houston Energy Corridor,
Houston, Texas, U.S.
Area served Worldwide
Key people Ryan Lance
(Chairman & CEO)
Products Oil, natural gas, petroleum, lubricant, petrochemical
Revenue US$ 62.004 billion (2012)[2]
Operating income US$ 15.423 billion (2012)[2]
Net income US$ 8.428 billion (2012)[2]
Total assets US$ 117.144 billion (2012)[2]

They didn't have to donate shit. I bet the people of Oklahoma are grateful and will accept any donation. 1 million dollars is still a lot of money.

[JMT]

durant didnt donate anything, his cash is safe in the bank

his charity donated

His charity generates their money by having car washes and bake sales, right?

Exactly where do you think the money to establish the foundation came from?

Don't know which is more disturbing: the dooshes who attempt to diminish a wonderful act of generosity, or those who shoot their mouths off about tax/finance/charities and have no clue whatsoever.

[Andrew Wiggins]

I used the confusing phrasing in an effort to keep it simple (I failed obviously, especially for the fools who immediately start screaming "OMG You are a smart little 10 year old aren't you, you don't know anything about money LOL LOL", while not learning a single thing and getting raped on their own tax return every year), but the latter part of my post is key, the "he didn't spend any money part". The thing is, for Durant this donation results in a much higher de facto tax deduction for Durant than the face value of the donation.

If Durant's accountant has any sense at all this donation runs through Durant's personal charity foundation. The more money Durant spends on charity with his foundation, the more of his personal finances he can route through his foundation., which is a net positive for him overall, because he doesn't have to pay income taxes on anything he can place in his foundation. So he spends $1 million on charity, but he actually lowers the taxes he has to pay overall by more than $1 million.

This is the reason why anytime an NBA player makes any charitable donation, it goes through their personal foundation. This is the reason why every single NBA player has a foundation.

nah, you used confusing phrasing because you were confused and uneducated about the point you tried to make and now you're trying to pass it off as if that's what you meant all along

lmao

[Just2McFly]

The OKC team/organization also donated $1M.

Nice. That's probably 1/15th of what they made during the playoffs.

In the end I am glad that money is being donated, just hate the double standard placed on entertainers.

[insomniac]

LOL @ kids thinking you "get back" tax deductions.

Motherfarking taxes, how do they work?!?! Get a job and find out, kids.