date:Sep 18, 2013
ce, she was just shifting money out of one pocket and into another, with no tax consequences.
The result is a bet with the IRS that anyone would take one that tax planners sometimes describe as a heads I win, tails we tie.
Audrey Waltons bet turned out to be a tie because nothing was left over for her daughters. She declined to comment on the case.
Still, recognizing the potential loophole, the IRS attacked Waltons trust, demanding a gift tax payment. Walton fought back, and in 2000 the U.S.