Annual Exclusion May Not Be Applied to the Forgiveness of Corporate Debt

Business Valuation Update BVLaw
Legal and Court Case Update
May 26, 2000

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0191 General Farms, Primarily Crop
111998 All Other Miscellaneous Crop Farming
estate and gift taxation
Lavonna J. Stinson Estate (Stinson II) v. United States of America
No. 99-3333 (7th Cir. 2000)
US
Federal Court
7th Circuit
United States Court of Appeals
Evans

Summary

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.

See Also

Lavonna J. Stinson Estate (Stinson II) v. United States of America

Full Text of Court Cases
May 26, 2000

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 ...