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II. What is a Gift?
A gift is something with monetary value for which you do not have to pay. Gifts include gratuities, favors, discounts, entertainment, hospitality, loans, forbearances, services, training, travel expenses, in-kind contributions, advanced payments, and reimbursements after the fact.[5] The Committee only considers the fair market value of the gift you receive, not whether the person or organization offering it to you paid full price.
[5] House Rule 25, cl. 5(a)(2)(A).
Example. Your friend invites you to play golf at the country club where your friend is a member. The club’s rules state that guests of club members do not pay any fee. The round of golf is still a gift to you. The value is what the country club generally charges for a round of golf. To determine whether you may accept the gift, please see Exceptions to the Gift Rule for Permissible Gifts.
If your spouse or dependent child accompanies you to an event where a meal or refreshments are offered, only the meal or refreshments you receive is a gift.[6]
[6] House Rule 25, cl. 5(a)(2)(B)(ii).
Gifts can be tangible and intangible. Examples of intangible gifts include, but are not limited to, discounts, forbearances, below fair market interest rates, selling property for more than its market value, purchasing property for less than its fair market value, and receiving compensation that is greater than the fair market value of the services you provided.
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