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The gift tax thing seems like a distraction. He would have needed to file a gift tax return for giving $10 million, but no taxes would be due. But he could just
by NotYourLawyer 4y ago
The gift tax thing seems like a distraction. He would have needed to file a gift tax return for giving $10 million, but no taxes would be due. But he could just as easily have given $100 million, filed the return, and paid a large gift tax—he had plenty of cash floating around back then.
I guess what I’m saying is, it wasn’t a way to hide the gift, because it still triggered the need for a gift tax return filing.
- erosenbe0 4y agoYeah that's how I read it. He gave [possibly ill-gotten] money to his parents. If tax was involved, then the treasury might need to give that fraction back to the bankruptcy trustee. If not, great, then it's just the family that needs to disclose to the trustee.