[Flick Lives]

Seems like this would amount to a gift of $2M, which would then require reporting on Hunter Biden’s tax forms.

[Gideon7]

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).

[Svartalfiar]

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.

[MoeMatters]

My thought exactly this is considered income

[Robert A Cook PE]

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?