Summary
The district court found that forgiveness of corporate debt was not a gift of a present interest to the corporation's shareholder, and, therefore, the donor could not claim the annual gift tax exclusion.
See Also
Lavonna J. Stinson Estate (Stinson I) v. United States
The district court found that forgiveness of corporate debt was not a gift of a present interest to the corporation's shareholder, and, therefore, the annual gift tax exclusion could not be claimed by the donor. It additionally agreed that the gift is va ...