Ark. Code R. 26-51-404 - 2(b)(5) (1997) - 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.