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Monday, September 16, 2013

Crawford & Fortin: Sumner Redstone's 40-Year-Old Gift

Tax Analysys Logo (2013)Bridget Crawford (Pace) & Theresa Fortin (Wilmington Trust), Sumner Redstone's 40-Year-Old Gift, 140 Tax Notes 833 (Aug. 19, 2013):

This article discusses the alleged gift tax deficiency case against media mogul Sumner Redstone. The IRS argues that Redstone made a taxable gift in 1972 when, in connection with the settlement of an intrafamily dispute, he transferred shares of a family-owned business to trusts for his children. The authors suggest that the integrity of a self-reporting gift tax system depends in part on the IRS’s ability to impose tax on non-disclosed transfers, however old they may be. Redstone likely will face a tax bill far exceeding $1 million.

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