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Gift
A gift has been defined as a valid transfer of property from one 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 the contributions to charitable, religious, etc. organizations, whereas the word gift refers to transfers of money or property to private individuals, needy persons, friends, relatives, etc. The recipient of a gift is not required to include it in gross income. The donor is not entitled to deduct it (except for a business gift to a customer of $25 or less per donee per year).