Good paper needed to wrap one present (4)
I believe the answer is:
gift
'present' is the definition.
(I know that present can be written as gift)
'good paper needed to wrap one' is the wordplay.
'good' becomes 'g' (abbreviation).
'paper' becomes 'FT' (the Financial Times newspaper).
'needed' means one lot of letters go next to another.
'to wrap' means one lot of letters goes inside another.
'one' becomes 'i' (Roman numeral).
'g'+'ft'='gft'
'gft' enclosing 'i' is 'GIFT'.
(Other definitions for gift that I've seen before include "Special aptitude - present" , "[BOUNTY] ?" , "Offering" , "Knack" , "A natural attribute" .)