Gift


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Related to Gift: gift tax

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 classic literature ?
It is a magic slumber, and she will not wake till you shall bring hither gifts from the Earth, Air, and Water Spirits.
Soon troops of graceful Spirits flitted by, and when they found the wondering Elf, they gathered round him, bringing pearl-shells heaped with precious stones, and all the rare, strange gifts that lie beneath the sea.
Next, by a natural transition, the conversation passed to the coming fete- day; whereupon, the old man proceeded to hold forth extensively on the subject of gifts.
Why do you not want us to present our gifts together, Zachar Petrovitch?
But the completer, the positive, soul, which will merely take [25] that mood into its service (its proper service, as we hold, is in counteraction to the vulgarity of purely positive natures) is also certainly in evidence in Amiel's "Thoughts"--that other, and far stronger person, in the long dialogue; the man, in short, possessed of gifts, not for the renunciation, but for the reception and use, of all that is puissant, goodly, and effective in life, and for the varied and adequate literary reproduction of it; who, under favourable circumstances, or even without them, will become critic, or poet, and in either case a creative force; and if he be religious (as Amiel was deeply religious) will make the most of "evidence," and almost certainly find a Church.
And on them was laid an unenviable struggle: for she, even fair, swift-footed Atalanta, ran scorning the gifts of golden Aphrodite; but with him the race was for his life, either to find his doom, or to escape it.
And if so, my friend, I said, there is no special faculty of administration in a state which a woman has because she is a woman, or which a man has by virtue of his sex, but the gifts of nature are alike diffused in both; all the pursuits of men are the pursuits of women also, but in all of them a woman is inferior to a man.
The magi brought valuable gifts, but that was not among them.
They were locking up--shutting out his desire and his deception from the indignant criticism of a world full of noble gifts for those who proclaim themselves without stain and without reproach.
Go, go; you talk boldly of the creatur's of the Lord, though I plainly see you are but a child in matters that concern their gifts and instincts.
For example, these ravishing ear-rings and this necklace so superb to correspond, were what one called a love- gift.
The gifts you offer are no small ones, let us then send chosen messengers, who may go to the tent of Achilles son of Peleus without delay.