Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 102
Gifts and inheritances
# (a) General rule
Gross income does not include 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); or (2) where the gift, bequest, devise, or inheritance is of income from property, the amount of such income. Where, under the terms of the gift, bequest, devise, or inheritance, the payment, crediting, or distribution thereof is to be made at intervals, then, to the extent that it is paid or credited or to be distributed out of income from property, it shall be treated for purposes of paragraph (2) as a gift, bequest, devise, or inheritance of income from property. Any amount included in the gross income of a beneficiary under subchapter J shall be treated for purposes of paragraph (2) as a gift, bequest, devise, or inheritance of income from property.
# (c) Employee gifts
(1) In general Subsection (a) shall not exclude from gross income any amount transferred by or for an employer to, or for the benefit of, an employee. (2) Cross references For provisions excluding certain employee achievement awards from gross income, see section 74(c). For provisions excluding certain de minimis fringes from gross income, see section 132(e).
Source: view the official text
Nearby sections (25 sections)
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- 83 · Property transferred in connection with performance of services
- 84 · Transfer of appreciated property to political organizations
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- 86 · Social security and tier 1 railroad retirement benefits
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- 88 · Certain amounts with respect to nuclear decommissioning costs
- 89 · [§89. Repealed. Pub. L. 101–140, title II, §202(a), Nov. 8, 1989,…
- 90 · Illegal Federal irrigation subsidies
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- 101 · Certain death benefits
- 102 · Gifts and inheritances
- 103 · Interest on State and local bonds
- 103A · [§103A. Repealed. Pub. L. 99–514, title XIII, §1301(j)(1), Oct.…
- 104 · Compensation for injuries or sickness
- 105 · Amounts received under accident and health plans
- 106 · Contributions by employer to accident and health plans
- 107 · Rental value of parsonages
- 108 · Income from discharge of indebtedness
- 109 · Improvements by lessee on lessor's property
- 110 · Qualified lessee construction allowances for short-term leases
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- 112 · Certain combat zone compensation of members of the Armed Forces
- 113 · [§113. Repealed. Pub. L. 101–508, title XI, §11801(a)(7), Nov. 5,…