New Jersey Statutes 54A:6-5. Gifts and inheritances
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Terms Used In New Jersey Statutes 54A:6-5
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
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.