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The burden of proving the absence of any genuine issue of
material fact is on the moving party, and factual inferences are
viewed in the light most favorable to the nonmoving party.
United States v. Diebold, Inc., 369 U.S. 654, 655 (1962); Boyd
Gaming Corp. v. Commissioner, supra at 347; Kroh v. Commissioner,
98 T.C. 383, 390 (1992); Preece v. Commissioner, 95 T.C. 594, 597
(1990).
Petitioner argues that its motion should be granted given
that it is indisputable that Ms. Maggos did not make a gift of
her stock to Nikita Maggos because she lacked a donative intent
when she sold her stock to PCAB. We disagree. Property
transferred by gift is subject to the Federal gift tax, sec.
2501(a); see also sec. 2511(a), and "Where property is
transferred for less than an adequate and full consideration in
money or money's worth, then the amount by which the value of the
property exceeded the value of the consideration shall be deemed
a gift", sec. 2512(b). The transfers reached by the Federal gift
tax spans are not confined to those that would be termed "gifts"
under the common law. Whereas a gift in the common law sense
requires a donative intent, delivery by the donor, and acceptance
by the donee, 38 Am. Jur. 2d, Gifts, sec. 18, at 820 (1968), a
gift for Federal gift tax purposes encompasses sales and other
exchanges of property in which the value of the property
transferred is more than the value of the consideration received.
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