Gift

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Gift

An asset of any kind that an individual transfers to another individual while neither receiving nor expecting anything in return. A gift one receives is taxable in the United States, but only if its value exceeds $13,000 (in 2009) and is not specifically excluded. For example, gifts between spouses are not taxable under any circumstances. See also: Estate, Gift Tax.

Gift

A transfer of property from one person or entity to another without consideration or compensation. For income tax purposes, the words "gift" and "contribution" usually have separate meanings, the latter word being used in connection with contributions to charitable, religious, etc., organizations, whereas the word "gift" refers to transfers of money or property to individuals.
References in periodicals archive ?
WARNING: Who's crossed-off the Christmas present list
Making Christmas presents is not a popular option with 53% who give gifts never taking this option specifically in order to save money and only 4% of consumers electing to do this every year.
Thomas, from Dolfin Villas, Hazelrigg, said: "It is the best Christmas present - the holiday will be the highlight of my year.
This figure was based on a recent Gallup poll which showed that on average Americans plan on spending the equivalent of [pounds]486 on Christmas presents this year.
uk and enter your details along with the worst Christmas present you've ever received.
She intends to spend a lot of time in the future enjoying her best Christmas present ever.
But the company, in rotating casts, danced as though there could be no better Christmas present.
In addition to playing in karaoke machines, this versatile CDG also can be used in traditional CD players, making it the perfect early Christmas present for car trips (or sleigh rides
I think it was around two or three years ago when I was in Birmingham Christmas shopping that I made a decision to give this man a Christmas present, too.
AN agreement over the unmarked graves of infants has been described as "the best Christmas present ever".
Expectant Welsh mums got the best Christmas present they could wish for yesterday- their very own Christmas baby.