Fumo acknowledges $1 million gift from friend…
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3 Comments
Fumo's life of wealth and power have left him with nothing of real, lasting value.
"One other nice thing about the gift: Mr. Fumo owed no taxes on it and did not need to report it to the IRS, according to Denny F. Wong, a veteran tax attorney with a speciality in "high-net worth" taxpayers. In such cases, Mr. Wong said, only the giver, such as Mr. Marcus, faces any potential taxes due.
"The person who gets the money, he doesn't have to do anything. It's not income. They don't have to report anything. He's home free."
Absolutely correct. I question if Mr. Marcus filed the required Form 709.
I have to wonder if there was any legislation passed on Fumo's watch that was favorable his 'friend'.
Father figure? There was only 8 or 10 years difference in their ages. Big brother (including it's ominous overtones) is more like it.