Newman's Legacy

Paul Newman's death in September rightly garnered a lot of attention. In addition to being a skilled actor, an accomplished race car driver and a successful businessman, he was a philanthropist whose generosity changed the lives of many. Lost in all the commentary on his passing was an ironic point noted only by tax lawyers.

His food company, Newman's Own Inc., was well known for donating all of its after-tax profits to charity. He ran a for-profit enterprise, which had a stated purpose of generating funds for tax-exempt purposes.


Bruce D. Collins

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