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Posts tagged "gift taxes"

Media magnate Redstone faces decades-old gift tax challenge

California's entertainment industry is no stranger to Sumner Redstone, who owns majority stakes in multiple TV production companies. Although Redstone recently made headlines, it's not for anything related to his involvement in the entertainment industry. In fact, the businessman is in the news because the Internal Revenue Service issued a tax claim against him from a 1972 transaction, which is before he even entered the media industry.

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