I don't think you are receiving or giving any gifts. It's not clear whether your friend is actually giving you title to the equipment, but if he is, it's not a gift. He's giving you the equipment in return for 50% of the proceeds from selling it. That's not a gift, it's a purchase. You're paying him for the equipment. And if you and your friend have an agreement that you will pay him 50% of the proceeds, your payment is not a gift to him. It's a contractual obligation, even if the agreement isn't in writing (although ideally it would be).
You need to clarify the ownership of the equipment, and the business agreement between you and your friend. You should probably consult a lawyer and a tax professional before you proceed any further with this project.
