You give a 16yr old a #360,000 auto does it count as capital gain and do the kid have to file taxes?

If you give your 16yr old a $360,000 car does it mean he has to file income tax and have the value of the car count as income or capital gains? Would he be able to drive it to school considering the commotion and target the car will have on it? What if the kid speeding around causes someone to hit him or he totals the car, would the person he caused to hit him get their insurance cancelled because of the cost of the repairs? What do you think the yearly cost of insurance on that value of car with a fresh teen driver will be?