Beth Shapiro Kaufman Comments on Gift Taxes
In April 2016, as Donald Trump was on the cusp of clinching the Republican nomination for the White House, he sold two luxury condos near Manhattan’s Central Park for less than half the price his company had said they were worth. The lucky buyer: Trump’s son, Eric.
Such family-friendly deals would normally incur hundreds of thousands of dollars in gift taxes.
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“Not everyone has the opportunity to [reduce their] gift taxes, [. . .]" said Beth Shapiro Kaufman, an estate planning attorney and president at Caplin & Drysdale in Washington, D.C. “The biggest game in gift taxes is valuation issues.”
Excerpt taken from the article “Here's How Trump Transferred Wealth to His Son While Avoiding the Usual Taxes” by Derek Kravitz and Cezary Podkul for ProPublica and Will Parker for The Real Deal.