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Tax-Free Gifts Quadrupled in U.S. After IRS Limit Lifted

Congress voted in December 2010 to let wealthy Americans make tax-free gifts of as much as $5 million -- and the money flowed.

U.S. taxpayers reported making $122 billion in nontaxable gifts on the returns they filed in 2012, more than four times the amount in each of the two previous years. The Internal Revenue Service released the data today.