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There would be many - including the booksellers - who would say it is illegal.
But for many, it's ethical, as long as you truly do delete your copy (and your backups).
You have to decide how to live with it, including the admittedly small chance that you could get in trouble legally. If the ebook is digitally watermarked, and the person you give it to uploads it to a torrent (or wherever), you could be held responsible.
In my early days of discovering independent ebooks, I have bought ebooks that I knew in 2 pages I would never finish. (Now I'm more careful with what I buy!) I had no problem personally handing those off to people I trusted and deleting my copies. But I did it knowing that I do have a small risk of getting in trouble for it.
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