BeaverFever BeaverFever:
ya but what im saying is other than the $160k cash, the rest of it was jewelry, cars, etc, so its hard legally to set a precedent here that wouldn't interfere with legitimate gift-giving in the country. You have to set a standard that can be universally applied.
Well that's not entirely true. Gifts for business purposes are taxable and in my mind’s eye this is exactly what this is. I can't give any one business acutance more than $100 worth of hockey tickets a year (funny thing is each ticket is worth up to $120) without the benefactor being taxed for it. Each and every time this guy saw her there was a business transaction so therefore the gifts were received during the course of business so there's no reason it shouldn't be taxable.