A guy in this case would probably prefer that 50-percent of the money is handed to him under the table. If they admitted the 8-mil...probably 25-percent to 40-percent of that would go toward state/federal taxes.
True, but under federal laws, post 9/11, anything over $10k has to be declared and where it came from. No way you can tell the fed’s that you won a lawsuit, the lottery, or got it from your dead uncle. He’s going to have to say where it came from. And if it came from some bogus LLC, or the like, that is no longer in existence, or a blind trust, something like that, he’s going go have to explain some stuff.
Maybe someone more knowledgeable can chime in, but until he says where it came from and that party backs him up, it’s like he’s money laundering.
All from the Post 9/11 banking rules to prevent the funding of terrorism.