Sumner Redstone's 40-Year-Old Gift

3 Pages Posted: 22 Aug 2013 Last revised: 29 Sep 2013

Bridget J. Crawford

Pace University School of Law

Theresa Fortin

Wilmington Trust, N.A.

Date Written: August 19, 2013

Abstract

In this article the authors discuss the alleged gift tax deficiency case against media mogul Sumner Redstone. The IRS argues that Mr. Redstone made a taxable gift in 1972 when, in connection with the settlement of an intrafamily dispute, he transferred shares of a family-owned business to trusts for his children. The authors suggest that the integrity of a self-reporting gift tax system depends in part on the ability of the IRS to seek to impose tax on non-disclosed transfers, however old they may be. Sumner Redstone likely will face a tax bill well in excess of a million dollars.

Keywords: Redstone, Viacom, gift tax, deficiency, IRS, Service

JEL Classification: K19

Suggested Citation

Crawford, Bridget J. and Fortin, Theresa, Sumner Redstone's 40-Year-Old Gift (August 19, 2013). Tax Notes, Vol. 140, No. 8, pp. 833-835, 2013. Available at SSRN: https://ssrn.com/abstract=2313350

Bridget J. Crawford (Contact Author)

Pace University School of Law ( email )

78 North Broadway
White Plains, NY 10603
United States

Theresa Fortin

Wilmington Trust, N.A. ( email )

520 Madison Avenue
New York, 10022
United States

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