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1994 SESSION

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HB 810 Apportionment of estate taxes.

Introduced by: W. Tayloe Murphy, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Apportionment of estate taxes. Permits a person to designate any property, interest or benefit included in his or her estate as a source for payment of estate taxes, including nonprobate assets. Reno v. Commissioner held that a testator may not allocate the tax on probate property to nonprobate property. This bill would reverse that holding. The bill also imposes a duty on the personal representatives of estates for which a return is due on or after July 1, 1994, to keep persons interested in the estate who may have liability for the taxes due informed about the tax situation. Several clarifications and additions are made to the statutory construction of a "pay all taxes" clause in a document (e.g., extended to cover trusts and other documents, expanding the exception for taxes imposed on the death of a life tenant of terminable interest property, excepting taxes payable by reason of a general power of appointment, etc.). Finally, the bill also expands application of the article to cover estate taxes imposed under the laws of any other state.


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