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In economics, a gift tax is the tax on money or property that one living person gives to another. [1] The United States Internal Revenue Service says a gift is "Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return."[2] Many gifts are not subject to tax, or are exempted from taxation under Federal law.

For the purposes of taxable income, courts have defined a "gift" as the proceeds from a "detached and disinterested generosity." See Commissioner v. Duberstein (quoting Commissioner v. LoBue, 351 U.S. 243 (1956)). Gifts are often given out of "affection, respect, admiration, charity or like impulses. Duberstein at 285 (quoting Robertson v. United States, 343 U.S. 711, 714 (1952).

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