Louisiana Revised Statutes 47:45 – Exclusion from gross income; gifts and inheritances
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Terms Used In Louisiana Revised Statutes 47:45
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
The value of property acquired by gift, bequest, devise or inheritance shall not be included in gross income and shall be exempt from taxation under this Chapter; but the income from such property shall be included in gross income.