Plastic2Oil Inc (PTOI)

[Rawnoc]

Dead wrong yet again. Property sold in Canada is subject to USA gift tax?

ROFL!!!!!!!!

Why do I always have to be the one who correct the massive misinformation being spewed such as gift taxes and millions of dollars and years of EPA testing?

"Form 3520 is used to report the receipt of gifts and bequests, among other things, from foreign persons. Gifts and bequests that exceed $100,000 in value (either cash or property) from foreign individuals need to be disclosed. However, no federal income tax is due on the gift. Instead a disclosure needs to be made that will provide you with a defense later on in the event the IRS wants to reclassify your gift as income."

http://www.bankrate.com/brm/itax/tax_adviser/20070502_foreign_gift_a1.asp

"An outright gift of foreign property will not be subject to U.S. gift tax provided the donor is not domiciled in the U.S."

http://www.metrocorpcounsel.com/current.php?artType=view&artMonth=October&artYear=2010&EntryNo=9133