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From The Collaborative International Dictionary of English v.0.48:
Gift \Gift\, n. [OE. gift, yift, yeft, AS. gift, fr. gifan to give; akin to D. & G. gift, Icel. gift, gipt, Goth. gifts (in comp.). See Give, v. t.] 1. Anything given; anything voluntarily transferred by one person to another without compensation; a present; an offering. [1913 Webster] Shall I receive by gift, what of my own, . . . I can command ? --Milton. [1913 Webster] 2. The act, right, or power of giving or bestowing; as, the office is in the gift of the President. [1913 Webster] 3. A bribe; anything given to corrupt. [1913 Webster] Neither take a gift, for a gift doth blind the eyes of the wise. --Deut. xvi. 19. [1913 Webster] 4. Some exceptional inborn quality or characteristic; a striking or special talent or aptitude; power; faculty; as, the gift of wit; a gift for speaking. [1913 Webster] 5. (Law) A voluntary transfer of real or personal property, without any consideration. It can be perfected only by deed, or in case of personal property, by an actual delivery of possession. --Bouvier. --Burrill. [1913 Webster] Gift rope (Naut), a rope extended to a boat for towing it; a guest rope. Syn: Present; donation; grant; largess; benefaction; boon; bounty; gratuity; endowment; talent; faculty. Usage: Gift, Present, Donation. These words, as here compared, denote something gratuitously imparted to another out of one's property. A gift is something given whether by a superior or an inferior, and is usually designed for the relief or benefit of him who receives it. A present is ordinarly from an equal or inferior, and is always intended as a compliment or expression of kindness. Donation is a word of more dignity, denoting, properly, a gift of considerable value, and ordinarly a gift made either to some public institution, or to an individual on account of his services to the public; as, a donation to a hospital, a charitable society, or a minister. [1913 Webster]