A tax assessed on the giver of a property or asset as a gift. A $10,000 federal gift tax exemption exists per recipient. Bloomberg Financial Dictionary
See: gift splitting. Bloomberg Financial Dictionary
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gift tax UK US noun [C] TAX
► a tax paid by a living person on money or property that they give to others : »
Under Federal law you could be charged gift tax if you give more than $11,000 to an individual in one year.
Financial and business terms. 2012.