§ 102 — Gifts And Inheritances

(a) Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance. (b) 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. (1) 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) 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).