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Description and Reasons for Gift Tax

What is gift tax and why do we have it? Should we have gift tax?

© BrainMass Inc. brainmass.com August 18, 2018, 7:34 pm ad1c9bdddf

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The gift tax is a tax that goes into effect when something is sold it given away and the tax occurs on the item or ...

Solution Summary

A detailed and specific explanation of gift tax is provided along with the reasons for it.