Tax Court Says Redstone Stock Transfer Not A Taxable Gift

By Matt Sharp (October 26, 2015, 9:37 PM EDT) -- The estate of Edward Redstone, the younger brother of media mogul Sumner Redstone, scored a win in U.S. Tax Court on Monday in a battle linked to shares of family-owned theater company National Amusements Inc., successfully arguing that a transfer of stock was not a taxable gift.

In a more than $1.3 million dispute, Judge Albert G. Lauber wrote that the Internal Revenue Service erred in finding that Redstone's transfer of stock to benefit his children — part of a 1972 settlement of a family row over his ownership of shares in National Amusements — was a gift for federal tax...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Attached Documents

Related Sections

Law Firms

Government Agencies

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!