N.J. Stat. § 54A:6-5: Gifts and inheritances

a. 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.

2. Where the gift, bequest, devise or inheritance is of income from property, the amount of such income.

L.1976, c. 47, s. 54A:6-5, eff. July 8, 1976, operative Aug. 30, 1976.