To: Red Badger
Seems like this would amount to a gift of $2M, which would then require reporting on Hunter Biden’s tax forms.
7 posted on
05/09/2022 9:20:47 AM PDT by
Flick Lives
(The CDC. Brought to you by Pfizer)
To: Flick Lives
The forgiving of a loan is treated by the IRS as income for the beneficiary. If the loan was forgiven Hunter would owe income tax on it (Form 1099-C Cancelation of Debt).
A gift by a third party, however, is typically not taxable (although it could raise a bunch of other ethical/legal issues).
18 posted on
05/09/2022 9:35:52 AM PDT by
Gideon7
To: Flick Lives
Seems like this would amount to a gift of $2M, which would then require reporting on Hunter Biden’s tax forms.
I would assume a lawyer would have thought of that, and likely paid those off, too. So for a $2MM tax bill, he probably actually paid, assuming everything at a tax rate of 15%, $2,352,940 or so, to cover the additional $300M tax on the $2MM gift. Plus $45M for the $300M gift. Plus $6750 for the $45M gift. And so on until you get into pennies added at a time.
To: Flick Lives
My thought exactly this is considered income
To: Flick Lives; Red Badger; BenLurkin; Kaslin; Lazamataz; MHGinTN; Liz; LS
My question as well. Isn’t such a third party payment, particularly if the pair are already in a business client consulting relationship a RICO conspiracy or a “gift” taxable income?
60 posted on
05/09/2022 9:58:09 PM PDT by
Robert A Cook PE
(Method, motive, and opportunity: No morals, shear madness and hatred by those who cheat.)
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