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To: dirtymac

Of course, The question is whether the payment to his friend is a gift or payment of a contractual obligation. There are different tax implications associated with each. If it’s deemed a contractual obligation, he would not only be entitled to an income tax deduction for the amount of the payment, but the payment would not reduce his unified credit for estate and gift tax purposes. Depending on the circumstances, the IRS might not like that outcome and could challenge his assertion that he was subject to a contractual obligation.


48 posted on 07/24/2020 6:16:31 PM PDT by KevinB (Quite literally, whatever the Left touches it ruins.)
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To: KevinB

it’s a verbal contract


51 posted on 07/27/2020 11:32:45 AM PDT by dirtymac (Now is the time for all good men to come to the aid of their country.(DT4POTUS))
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