GIFTS-IN-KIND Definition

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GIFTS-IN-KIND are non-cash gifts of tangible or intangible property. Tangible property can fall into two distinct categories, and its value is derived from its physical existence: 1. objects, such as equipment, software, automobiles, printed materials, etc.; or, 2. services, such as providing photography services. Intangible personal property is property whose value stems from intangible elements, e.g. patents and copyrights.

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SUPPLANT is to take the place of or move into the position of, e.g. the computer supplanted the slide rule.

LIQUIDATION is the selling of all the assets of a debtor and the use of the cash proceeds of the sale to pay off creditors.

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