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There was a gift that was given to the individual through…

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there was a gift that...
there was a gift that was given to the individual through foreign corporation. would that gift be consider taxable.
Submitted: 2 years ago.Category: Finance
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Answered in 12 minutes by:
2/15/2016
Financial Professional: Mark D, Enrolled Agent replied 2 years ago
Mark D
Mark D, Enrolled Agent
Category: Finance
Satisfied Customers: 1,342
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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How much was the gift? Is teh foreign corp controlled by a US person?

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Customer reply replied 2 years 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.
Financial Professional: Mark D, Enrolled Agent replied 2 years ago

Is the amount less than $100K?

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Customer reply replied 2 years 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.
Financial Professional: Mark D, Enrolled Agent replied 2 years ago

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

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