In the final days of 2017, Malcolm and Emily Fairbairn thought they had everything ready to cushion the income-tax hit from more than $200 million in hedge-fund income. They prepared a large charitable donation, using their relationship with Fidelity Investments and a booming energy stock to maximize their tax deduction. It didn’t go as they had hoped. Now, the Fairbairns and Fidelity’s charitable arm are facing off in a contentious federal court trial.

Source: Wall Street Journal October 24, 2020 15:00 UTC