Executor liability for estate net wealth: estate taxed in executor's hands with separate valuation-date assessments. Net wealth of a deceased person's estate is taxable in the hands of the executor, treated as an individual and sharing the deceased's residence and citizenship on the valuation date preceding death. Assessments of the executor are separate from assessments of the executor's own net wealth and from assessments under other provisions. Separate assessments apply for each valuation date from death until complete distribution. Assets distributed to a specific legatee before a valuation date are excluded from the estate's net wealth but, if held by the legatee on that valuation date, are included in the legatee's net wealth.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Executor liability for estate net wealth: estate taxed in executor's hands with separate valuation-date assessments.
Net wealth of a deceased person's estate is taxable in the hands of the executor, treated as an individual and sharing the deceased's residence and citizenship on the valuation date preceding death. Assessments of the executor are separate from assessments of the executor's own net wealth and from assessments under other provisions. Separate assessments apply for each valuation date from death until complete distribution. Assets distributed to a specific legatee before a valuation date are excluded from the estate's net wealth but, if held by the legatee on that valuation date, are included in the legatee's net wealth.
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