New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 26 - TRANSFER INHERITANCE AND ESTATE TAX
Subchapter 8 - ASSESSMENT AND VALUATION
Section 18:26-8.18 - Discretionary and legal common trust funds
Universal Citation: NJ Admin Code 18:26-8.18
Current through Register Vol. 56, No. 18, September 16, 2024
(a) As the admission and withdrawal to the funds are controlled by contract, the value of the fund, therefore, is to be determined as of the close of business on the last bank business days of January, April, July, and October of each year. For transfer inheritance tax purposes the valuation date shall be:
1. Where
approval was obtained by the donor in his or her lifetime, then the valuation date
so approved will control the value of his or her interest in the fund.
2. If the donor dies more than five days prior to
a contractual valuation date without having applied for approval, it shall be deemed
that such a request was in fact made; then the valuation date shall be the one next
following his or her death.
3. If the
donor dies five days or less prior to a valuation date, then the valuation date
shall be the one next following the valuation date immediately after
death.
4. If the donor dies one or more
days subsequent to a valuation date, but more than five days prior to the next
valuation date, the valuation date shall be the one following the date of
death.
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