1.26 Ark. Code R. 51-404(b)(5)
Current through Register Vol. 49, No. 9, September, 2024
A gift is where a capable donor with the intention of making a gift completes delivery of a property to a donee who, in turn, accepts the property. Property received as a gift is exempt from income tax although the income therefrom derived from investment, sale or otherwise, is taxable.
1.26 Ark. Code R. 51-404(b)(5)