Late co-founder’s estate will donate his 50% stake in Subway, which will shield both the estate and the foundation from a big tax bill were Subway to be sold
Subway’s late co-founder has left his 50% stake in the sandwich chain to his philanthropic foundation, protecting billions of dollars in proceeds from the company’s potential sale from the reach of the U.S. tax authorities.
It is unclear why the donation is happening two years after Buck’s death. It will shield both the estate and the foundation from a big tax bill were Subway to be sold. Buck, who was a nuclear physicist, and co-founder Fred DeLuca started Subway in 1965 after DeLuca asked Buck for advice on how to pay for his college tuition. The two men eventually started Subway with the help of a $1,000 investment from Buck. DeLuca passed away in 2015.
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