A gift by will of personal property A bequest is not includable in the income of the recipient Basis is usually the value of the property at the decedent's death If a bequest of money is to be paid at intervals, then to the extent that it is paid out of income from property, it is taxable income to the recipient
A transfer, by will, of personal property such as cash, securities, or other tangible property A testamentary gift
The transfer of property upon the owners death according to the will of the deceased