Awful Greece, NY Children torture elderly bus monitor lady

[shmike]

Originally Posted by derf

Forbes doesnt think so. But I bet to differ. It depends how the guy who set up the fund gives her the money. If the guy gives her the money at once then it gets taxed at 45%. Then what if any of the money comes from a foreign source? That winds up being taxed as a gift at a different rate with a different minimum amount before it gets taxed. What she really needs to do is take some of that money and spend it on a really good tax lawyer.

http://www.forbes.com/sites/kellyphi...ort-confusion/

You got all that nonsense from the article you posted?

The article says this:

There is no federal income tax due to Klein on these donations. They are gifts. There’s no consideration given in return, no services rendered, no products being touted. The IRS defines a gift as “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return” based on the gift tax provisions found in the Tax Code beginning at section 2501. In the business, we like to say that gifts are given not for anything in return but out of “love, affection, respect or admiration.”

which is the right answer.