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International

Feb. 23, 2000

Foreign Bounty

International Law - U.S. taxpayers must now realize that certain gifts must be reported and that the failure to report such gifts has serious tax consequences.

By María E. Núñez and Michelle B. Graham
         Under U.S. gift-tax principles, the donor of a gift is the one potentially subject to the tax and reporting obligations attributable to the gift made. From the recipient's point of view, the value of the gift itself is not income in the hands of the recipient, and the recipient is not liable for any U.S. tax attributable to the gift receiv...

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