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 ?
Celerant offers advanced E-Commerce features, including a smart search and dynamic filtering for enhanced site navigation, customized product URLs for search engine optimization, a custom checkout to assign multiple billing addresses and credit card information, specialized blogs for customer and staff product reviews, as well as standardized gift notes and a module for including a gift with a purchase.