[Am-info] Gates' taxes

[John J. Urbaniak]

I was watching the O'Reilly show tonight.

He had a guest, I forget the name, who wrote a book titled "Perfectly
Legal" dealing with various tax issues.

He claimed that "Bill Gates' fortune, because it was based on a $50,000
gift from his father, has never been taxed."

Over $50 BILLION of personal capital gains plus all the billions he has
already cashed in and they have *never been taxed*?

I knew that Gates' salary is relatively low, so he pays little federal
taxes on his income.  But I thought that at least his capital gains from
sale of MSFT stock and options were taxable when exercised.

Has anyone read this book?

Does anyone know if this is true?

Can you please explain?

Thanks,

John