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So, you "gave" your son your Triumph, did ya erle?! 
(so tell us...on which page of I.R.S. Code Book did you find THIS little tax shelter, HUH???!!!)  
Ya, in my day, you couldn't "give" it away, you had to sell it for a dollar, which I was ready to do. But when I mentioned to the lady that it was a gift for making the Eagle rank in Scouting, she wrote "gift" on the paperwork, and no charge for tax. I was suprised.
I seem to remember that $1 trick as well, but gift transfers have been allowed for years now in Florida.
From the Florida DHSMV:
Is it legal to give a car as a gift to a family member, or do I have to put a dollar figure on it (for example $1)?
It is legal to give a car to a family member or anyone else, however, a bill of sale or an affidavit should be completed by both parties to verify this information for the Department of Revenue.
http://www.flhsmv.gov/dmv/faqtitle.html#12
Cheers,
Brad
To be old and wise, you must first be young and stupid.
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