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QUESTION

Transfer of 100% of Closely Held C Corp stock to trust owned by unrelated party. Former owners descendents will be beneficaries of trust. Tax free ?

Asked on May 09th, 2012 on Business Law - Wisconsin
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Incorporated in Wisconsin
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1 ANSWER

Hilary B. Miller
Litigation Attorney serving Greenwich, CT
Partner at Hilary B. Miller
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It's not clear. Is this a gratuitous transfer where the transferor will receive no consideration? If so, it will likely be a taxable gift.
Answered on May 10th, 2012 at 4:06 PM
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