2019 US Code
Title 26 - Internal Revenue Code
Subtitle A - Income Taxes
Chapter 1 - Normal Taxes and Surtaxes
Subchapter B - Computation of Taxable Income
Part III - Items Specifically Excluded From Gross Income
Sec. 102 - Gifts and inheritances
| 26 U.S.C. § 102 (2019) |
| §102. Gifts and inheritances |
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(a) General rule
Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance. (b) IncomeSubsection (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 generalSubsection (a) shall not exclude from gross income any amount transferred by or for an employer to, or for the benefit of, an employee. 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). |
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(Aug. 16, 1954, ch. 736, 68A Stat. 28; Pub. L. 99–514, title I, §122(b), Oct. 22, 1986, 100 Stat. 2110.) |
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AMENDMENTS
1986—Subsec. (c). Pub. L. 99–514 added subsec. (c). EFFECTIVE DATE OF 1986 AMENDMENTAmendment by Pub. L. 99–514 applicable to prizes and awards granted after Dec. 31, 1986, see section 151(c) of Pub. L. 99–514, set out as a note under section 1 of this title. |
| United States Code, 2018 Edition, Supplement 1, Title 26 - INTERNAL REVENUE CODE |
| Bills and Statutes |
| United States Code |
| Y 1.2/5: |
| Title 26 - INTERNAL REVENUE CODE Subtitle A - Income Taxes CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART III - ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME Sec. 102 - Gifts and inheritances |
| section 102 |
| 2019 |
| January 24, 2020 |
| No |
| standard |
| 100 Stat. 2110 |
| Public Law 99-514 |
