New Jersey Statutes
§ 54A:6-5 — Gifts and inheritances
New Jersey·Title 54A NEW JERSEY GROSS INCOME TAX ACT
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.
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Nearby Sections
15
§ 54A:6-1
Items in 54A:6-2 to 54A:6-9 excluded§ 54A:6-10
Pensions and annuities.§ 54A:6-11
Lottery winnings.§ 54A:6-13
Unemployment insurance benefits§ 54A:6-14
Interest on certain obligations§ 54A:6-15
Other retirement income.§ 54A:6-2
Federal social security benefits§ 54A:6-21
Contributions to certain employee trusts§ 54A:6-22
Gross income exclusion.§ 54A:6-25.1
Loan redemption exempt from taxation.