Gift Tax Assessed on Cancellation of Indebtedness

Business Valuation Update BVLaw
Legal and Court Case Update
October 2, 1998
estate and gift taxation

Lavonna J. Stinson Estate (Stinson I) v. United States
82 AFTR2d Par. 98-5469 (ND IN 1998)
US
Federal Court
Indiana
United States District Court
Miller, Jr.

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 ...