Summary
The Seventh Circuit affirmed the district court's finding that the forgiveness of corporate debt is not a gift of a present interest to the corporation's shareholder, and, therefore, the annual gift tax exclusion could not be claimed. It additionally agr ...
Lavonna J. Stinson Estate (Stinson II) v. United States of America
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Annual Exclusion May Not Be Applied to the Forgiveness of Corporate Debt
The 7th Circuit affirmed the district court's finding that the forgiveness of corporate debt is not a gift of a present interest to the corporation's shareholder, and, therefore, the annual gift tax exclusion could not be claimed.