Thursday, September 19, 2013
Media guru Summer Redstone is in trouble with the IRS for a gift tax deficiency. The deficiency is estimated at over a million dollars. The IRS is alleging that in 1972 Redstone made a gift to several trusts to his children. Those gifts were taxable, but Redstone never filed a gift tax return.
See Sarah Choi, Media Mogul May Face Gift Tax Deficiency, Wealth Strategies, Sep. 17, 2013.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.