I agree that the guy has no beef getting a $7000 ring for a little over $500. But, I am sure he signed some sort of contract or agreement with Perry when he bought the ring. What did it say? Was he supposed to get just the price of the ring less tax or all he paid for it? This has not been brought up to the best of my knowledge. As for paying taxes on a gift, I have never filed any tax form that had a line to enter "value of gifts received" as income.
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