Local Not-for-Profit Organizations and Shareholders to Benefit from Manchester Savings Bank Merger

When stockholders of Savings Bank of Manchester prepared to sell the company, it was an opportunity for central Connecticut not-for-profits to benefit.

Most individuals who would benefit from the sale would owe 20% of their gains to state and federal tax collectors. But if they made a gift of stock to a not-for-profit organization before the merger, they could avoid capital gains.

Adam Cohen helped clients leverage the opportunity, urging would-be donors to consider the option.

See the Hartford Courant article here