In the 1960's my father bought property in a city in a foreign country with a partner and they formed a company to manage it as it had rental-producing income. They are now planning to dissolve the company and have each of their children get their share in the property, for which the town approved a plan to tear down the existing structure and build a modern residential building. The property is currently valued at around 4 million dollars, I will get one-sixth of it. We will all share in a bank loan to cover the construction costs.
Can this be considered a non-taxable gift?