A TAXING ISSUE….This is hardly the most earth shaking issue to write about, but let’s chalk up this post to a desire to ease ve-r-r-r-r-y slowly into the the blogging routine after a week off, OK? With that said, here is Ralph Lauren’s daughter, Dylan Lauren, talking in the New York Times about her Manhattan-based candy store:
She says she has turned down rich business deals from, for example, Target, that other company owners would probably kill for. “It’s not about the money to me,” she said. “I believe I’m here to do something, to create something that makes people happy and expresses myself.”
….She won’t say how much money her parents gave her to start the business, except that it was “a lot.” She also contributed money of her own.
….Ms. Lauren has not yet paid her father back for his initial investment….”I don’t consider it a loan. She does. If she wants to pay me back, it’s very good of her, and I’ll take it. If she can’t pay me back, I know whatever she did she’s done because she believes in it and was honest about it and works hard. I’m glad she had a chance to use her creativity and express herself.”
The Laurens have now made it crystal clear in the pages of the most influential newspaper in the country that Ralph’s money was neither a loan nor an investment. It was a gift. So who’s paying the taxes?