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In a situation where a "gift" was made to one person involving several hundred thousand dollars in the form of a coin collection, do I understand correctly that the giver of this gift is required to file a Federal Tax Form 709 and pay any taxes required? Is the recipient required to declare this "gift" on his Federal (and/or State) taxes even though he is not responsible for paying the taxes on this "gift"? If so, what are the penalties for not doing so?