2.26 Ark. Code R. 51-404(b)(5)

Current through Register Vol. 49, No. 9, September, 2024

Rule 2.26-51-404(b)(5) - Bequests, Devise or Descent

A bequest is a gift by will of personal property. A devise is a gift of real property by the last will and testament of the donor. A bequest or devise received by a legatee under the provisions of a will or by an heir in accordance with the statutes of descent and distribution is tax exempt, but not the income therefrom.

2.26 Ark. Code R. 51-404(b)(5)