Craig wrote:

- quote -

In the absence of any other information, it sounds like
Gramps has made a $100,000 gift to the kids. If that
allocates out to more than $11,000 per capita, then he would
need to file a gift tax return.

MTW

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LLC (members are children and grandchildren) has a $300,000
(originally $1 million) note payable/mortgage on the
purchase of RE some years ago. The mortgage holder
(grandfather) has consented to take $200,000 as a
prepayment/full payment on the note. What is the taxablity
for the LLC and the note holder.

Thanks,
Craig

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