… however, if you receive a gift from a foreigner in the amount over 100K you have to report this on form 3520 (section IV). http://www.irs.gov/pub/irs-pdf/f3520.pdf
There is probably much more to this issue as well. I recommend a consult with a CPA.
But if you decide not to consult one, then remember the IRS requires you to share 50% of the gift with the members of Piggington with the word Former in their moniker.
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