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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 2598
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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There was a gift that was given to the individual through

Customer Question

there was a gift that was given to the individual through foreign corporation. would that gift be consider taxable.
Submitted: 1 year ago.
Category: Finance
Expert:  Mark D replied 1 year ago.

How much was the gift? Is teh foreign corp controlled by a US person?

Customer: replied 1 year ago.
I am not sure about the amount and could you tell me the rules for either situation. Whether the foreign corp is controlled by US
person or by a foreigner.
Expert:  Mark D replied 1 year ago.

Is the amount less than $100K?

Customer: replied 1 year ago.
i am not sure. I guess I will need to provide you more information later on. Meanwhile I would rate you and when I have the information I would get back to you.
Expert:  Mark D replied 1 year ago.

Yes, I will need more information to give you a proper answer