Does a gift from a father to son get taxed?

This relates to US taxation only.

Yeah, a gift from a father to son does get taxed but there are annual exclusions. If the amount of the gift is more than $12,000 (for 2007) then it has to reported by the father and he will have to pay tax for more than that amount. However the son needn't report the gift.

The following gifts have unlimited exclusions though -

1- Gifts to SPOUSE

2 - Gifts directly to a medical or educational institution or even a political organization.

and

3- Charitable gifts

Form 709 must be filled.