Making many of the tax extenders permanent was a prelude to tax reform, because it will eliminate the annual tax debates in Congress that have plagued the institution in recent years. That’s the view expressed by the new Ways and Means Committee Chair Kevin Brady (R-Texas), who took over the chairmanship in November when Paul…
Tag: Legal Insights
Gift tax may be assessed 41 years after the gift
Sumner Redstone v. Comm’r, T.C. Memo. 2015-237 A conflict broke out in the Redstone family in 1971. Patriarch Mickey Redstone and his two sons, Edward and Sumner, were co-owners of the family business, each owning 100 shares. However, when the business was incorporated Mickey put up 48% of the capital, and the boys each contributed…