Code · New Jersey · Title 54A — New Jersey Gross Income Tax Act · Chapter 6

54A:6-5. Gifts and inheritances

64 words·~1 min read·/nj/title-54a/chapter-6/54a-6-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

a. The value of property acquired by gift, bequest, devise or inheritance.

b. Income. Subsection a. shall not exclude from gross income:

1. The income from any property referred to in subsection a.

2. Where the gift, bequest, devise or inheritance is of income from property, the amount of such income.

L.1976, c. 47, s. 54A:6-5, eff. July 8, 1976, operative Aug. 30, 1976.