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Suppose I gift $10,000 worth of stock that has appreciated greatly. I give this to a close friend/relative who is in a lower tax bracket. When they sell the stock they pay 10% capital gains. (Compared to the 20% I would have had to pay.) They in turn gift the cash back to me after taking out money needed to pay their capital gains. I thus save $1000 in taxes.

Is this legal?
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