There should be no capital gains tax because most capital appreciation is just inflation.

FORBES: Capital Gains Tax is an Economic Monkey Wrench (2012)

So, the total appreciation will escape capital gains tax.

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Donations of assets that have risen in value, such as shares of stock, often qualify for a deduction at the full market price, while the donor skips paying capital gains tax on the appreciation.

WSJ: Charity: Deduct Now, Give Later

Under current law, donations of assets that have risen in value, such as shares of stock, often qualify for a deduction at the full market price, enabling donors to skip paying capital-gains tax on the appreciation.

WSJ: Fiscal Talks Spur Charitable Giving

Although it's not required, the donor then would be expected to give the partnership shares to the charity, avoiding most capital gain taxes on appreciation and also getting a current tax deduction.

FORBES: The office-park deduction

Yes, we figure in the tax on distributed capital gains but not on the unrealized appreciation in the fund's shares.

FORBES: How We Find The Very Best

For simplicity, we assume that you hang onto the growth stock until the 20 years is up, at which point you owe a 20% capital gains tax (state and federal combined) on all the appreciation.

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