Sumner Redstone's 40-Year-Old Gift

Bridget J. Crawford

Pace University School of Law

Theresa Fortin

Wilmington Trust, N.A.

August 19, 2013

Tax Notes, Vol. 140, No. 8, pp. 833-835, 2013

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.

Number of Pages in PDF File: 3

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

JEL Classification: K19

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Date posted: August 22, 2013 ; Last revised: September 29, 2013

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

Contact Information

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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