Taxpayers who receive gifts or bequests from certain individuals who gave up their U.S. citizenship or residency will be subject to tax under rules proposed by the IRS on Wednesday (REG-112997-10).

When it comes to a bequest, a key consideration is taxation. First off, know that any property passed on to a spouse is transferred tax free. That's true for same-sex couples, too, thanks to the U.S.

The Detroit Institute of Arts, which has long enjoyed support from billionaire philanthropist A. Alfred Taubman, will not receive a direct gift from the shopping mall magnate’s estate but will remain ...