The Tax Court has decided that media mogul Sumner Redstone’s 1972 transfer of stock to a trust set up for his two children was a taxable gift, but declined to impose a penalty for fraud, negligence, or failure to timely file.

Redstone graduated from Harvard Law School in 1947 and spent several years in the practice of law, including a period in the Tax Division of the U.S. Department of Justice. In 1954 he joined his brother and father in the drive-in movie theater business, National Amusements, Inc., which later became the controlling shareholder in CBS and Viacom.

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