query: Are gifts taxable income?
passage: Gift tax in the United States
A gift tax is a tax imposed on the transfer of ownership of property. The United States Internal Revenue Service says, a gift is "Any transfer to an individual, either directly or indirectly, where full compensation (measured in money or money's worth) is not received in return."[1]
passage: Endowment tax
Endowment tax is a US taxation of some endowments. Typically endowment payments, because of their attachment to non-profit organizations, are not taxed. Endowments can be up to several billion dollars at some of the richest universities in the United States. The non-profit status of some institutions like hospitals has been questioned in the United States House Ways and Means Committee.