Supreme Court of Puerto Rico December 23, 1964, No. R-64-124 (Díaz Danuz v. Secretary of the Treasury)

Mr. Justice Dávila

delivered the opinion of the Court.

Section 22(b)(3) of the 1954 Income Tax Act — 13 L.P.R.A. § 3022(b) (3) — provides that there shall not be included in gross income and shall be exempt from taxation “the value of the property acquired by gift, bequest, devise or inheritance.