((a)) ** General rule** Gross income does not include the value of property acquired by gift, bequest, devise, or inheritance.

((b)) ** Income** Subsection (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.

((c)) ** Employee gifts**

((1)) ** In general** Subsection (a) shall not exclude from gross income any amount transferred by or for an employer to, or for the benefit of, an employee.

((2)) ** Cross references** 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).