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 ?
IT'S raised loads of money for Metro Radio's Cash for Kids, as wels l as gathering thousands of Christmas presents in the past two years and comedy extravaganza Laffs4Kids is coming back for more in 2017.
It's wonderful to see children's faces light up when they open their Christmas presents.
A Cardiff restaurant is offering you the chance to get rid of your worst Christmas presents.
Perhaps it could make the ideal Christmas present for that difficultto-buy-for someone?
The Salvation Army Christmas Present Appeal collects gifts from across the area before sharing them out to children and young people in need.
She asked us to wrap up a shoe box as a Christmas present and put in nice things such as balls, things to wash with, note pads, pens, a cuddly toy, cars and dolls.
SANTA always sticks his neck out to make sure everyone gets their Christmas present - even the recipient is as tall as double decker bus
A GAMES console given as a Christmas present to children was among the items stolen during a burglary in Caernarfon.
CHILDREN and families across Huddersfield will enjoy a happy Christmas thanks to The Salvation Army's Christmas Present Appeal.
Artwork aside, visitors there this November will be seduced by sparkles and beads as much as by colours and textures with the opening of the Christmas Present exhibition.
THE owners of a cat which went missing four years ago got a late surprise Christmas present when they were reunited with her the day after Boxing Day.
By STEPHEN WHITE A DISABLED toddler has given his parents the best Christmas present ever - by starting to talk.