There is more good news for Morehouse grads: they likely won't owe taxes on the gift from billionaire Robert Smith
Except as otherwise provided in this section or in section 117 , gross income includes amounts received as prizes and awards.
The IRS defines a gift as"any transfer to an individual, either directly or indirectly, where full consideration is not received in return" based on the gift tax provisions found in the Tax Code beginning at. In the business, we like to say that gifts are given not for anything in return but out of"love, affection, respect or admiration."
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