The histories of the federal gift and estate taxes have long intertwined. The U.S. Congress introduced the first gift tax in 1924 to plug a hole in the system of estate taxation: Wealthy Americans had begun bestowing gifts during life in efforts to reduce the size of their estates, which had become taxable at death under the Revenue Act of 1916. The solution to this problem of tax evasion was the gift tax, which also taxed transfers of wealth during life. If current legislation remains in
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