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Holly Days in Sandwich 2010 Event Booklet: It's a Gift It's a gift to your customers: (1 A comprehensive listing of special events during the holidays which make shopping in Sandwich such a pleasure
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Its a gift refers to a voluntary transfer of property or money from one person to another without expecting anything in return.
Individuals who have made gifts exceeding the annual exclusion amount set by the IRS are required to file a gift tax return.
To fill out a gift tax return, individuals can use Form 709 provided by the IRS and report the details of the gift given.
The purpose of filing a gift tax return is to report any taxable gifts made during the tax year and determine if any gift tax is owed.
On a gift tax return, individuals must report details of the gift, including the value of the gift, the relationship between the giver and the recipient, and any gift tax paid.
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