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 ?
1) Focus on enhancing the "gifting" experience, rather than on the gift.
In the case of a small estate in which the taxpayer has not used his of her lifetime gifting exemption, a regular GRAT is likely more attractive.
For living taxpayers seeking to use FLPs for discounted gifting, two recent Tax Court cases presented situations in which the court valued discounts to be applied to transferred limited partnership interests.
Gifting generally removes the asset from a donor's estate and, accordingly, prevents the inclusion of future appreciation in the estate.
While a detailed analysis of the final regulations is beyond the scope of this article, they do address the "gifting" of Roth IRAs.
In any event, careful planners should be able to avoid the swing-vote problem by using nonvoting interests for gifting and other techniques, including careful timing of gifts.