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Scholarship InformationPurpose: M.A.C.P. will provide up to five (5) scholarships of $750 each as financial assistance to 20192020 seniors graduating from: ACES, Damian, Mariner, Noise Tech Skill
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The term '100000 gift from sea' is typically used to refer to a monetary gift or inheritance received from someone who may reside overseas, exceeding the threshold of $100,000.
Individuals who receive gifts from foreign sources exceeding $100,000 are required to file IRS Form 3520 to report these gifts.
To fill out the required form, gather the necessary information regarding the gift amount, the identity of the donor, and the source of the gift, then complete IRS Form 3520 according to the provided instructions.
The purpose of reporting a gift exceeding $100,000 from a foreign individual is to comply with IRS regulations and to ensure that such gifts are disclosed for tax purposes.
The report must include the name and address of the foreign giver, the relationship to the recipient, the amount of the gift, and the date it was received.
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