Bloomberg
by Richard Rubin
May 1, 2013

In 1972, President Richard Nixon cruised to re-election. “The Waltons” premiered on CBS. And Sumner Redstone, who wasn’t yet a global media mogul, made a taxable gift to his children and failed to file a return.

At least that’s what the Internal Revenue Service is maintaining 41 years later.

The IRS told Redstone earlier this year that he owes $1.1 million in taxes and penalties, plus interest, because of the gift. The case involves stock in the family’s National Amusements Inc. received by Redstone’s son, Brent, and his daughter, Shari, after the settlement of an intrafamily lawsuit.

(excerpted)
http://www.bloomberg.com/news/2013-05-01...-1972-gift.html