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FYI 13 What is a Gift?

 

People generally think of a gift as something they receive on birthdays, anniversaries and for holidays.   Under Article XXIX, however, a gift is more broadly defined.   A gift is anything you receive at any time, if there has not been an exchange of something of equal or greater value.  In general, if you go to a store and buy something, you give the cashier money and he or she gives you the item you want.  That exchange is called consideration.  If, however, someone gives you something that you do not pay for, that will be a gift.  Gifts can include:

 

1. Paying for Travel or Lodging expenses

2. Giving you an interest free-loan

3. Performing a service for you free
 

4. Giving you tickets to an event free or at a greatly reduced cost.  

 

Gifts DO NOT include gifts between family members and friends on "special occasions."  See Position Statement 08-01. .  Gifts also do not include campaign contributions, tokens or awards of appreciation, bonuses, admission to an event at which you are speaking, etc.  
 

If you have any questions about whether something would be considered a gift, please call the IEC at 720.625.5697 or email jane.feldman@state.co.us