Statutes, codes, and regulations
Arkansas Administrative Code
Agency 006 - Department of Finance and AdministrationDivision 05 - Division of RevenuesRegulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-404 - GROSS INCOME GENERALLY
Rule 2.26-51-404(b)(5) - Bequests, Devise or Descent

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

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Current through Register Vol. 49, No. 12, December, 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)