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If you are given these shares with no consideration, then it is considered a gift
You are not taxed on the receipt of gifts,
and the person giving the gift is not taxed, unless they have already given away over $5.2 million during their life.
However, they would need to file a gift tax return if the value of the shares was greater than $14,000
Also, transferring an asset into an LLC does not trigger tax, either
If you are putting shares into your own LLC, there is no tax or gift tax issue
He's still gifted you half the shares
Yes, but it's still a gift
The $5.2 million is the amount of gifts you can give in a lifetime. I don't know what the par value of the shares would be - that would be in the incorporation documents
It's based on the fair market value - par value is just arbitrary
Yes, it's 709
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