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Patagonia Billionaire Who Gave Up Company Skirts $700 Million Tax Hit

Founder Yvon Chouinard structured the transfer of his firm in a way that keeps control within the family and avoids taxes.

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Patagonia founder Yvon Chouinard described his decision to give away the outdoor apparel-maker as his last-ditch effort to do all he could to protect the planet.

The deal is structured in ways that also bring the billionaire other perks, by letting him and his family keep control of Patagonia while shielding them from tax bills that could have totaled hundreds of millions of dollars.