54A:6-5. Gifts and inheritances
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.
This is the verbatim text of N.J.S.A. 54A:6-5, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. KyzerLex is not a law firm and this page is not legal advice.