sjrcpa
Level 15

The recipient of a gift does not pay gift tax on it. The giver does. How wealthy was Mr. Smith? Back then he had a lifetime gift and estate tax exemption of at least $5 million.

Can you get in contact with whoever handled Mr. Smith's estate and/or the transfer? See if a gift tax return was filed? Did he discuss with his lawyer the purpose of the transfer?


The more I know the more I don’t know.
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