New York Codes, Rules and Regulations
Title 20 - DEPARTMENT OF TAXATION AND FINANCE
Chapter II - Income Taxes and Estate Taxes
Subchapter G - Estate Tax
Part 360 - Tax Waivers And Certain Other Notice Requirements
Section 360.1 - Payment, delivery and transfer of cash, deposits and open-market securities whose value is not more than $30,000
Current through Register Vol. 46, No. 12, March 20, 2024
(a)
(b) Any person or corporation having possession or control of stock or other securities which belong to or stand in the name of a decedent dying after June 30, 1978, or which belong to or stand in the names of such a decedent and one or more other persons jointly, if such stock or other securities are customarily bought and sold in open markets, and if the market value thereof is not more than $30,000, may transfer or deliver the same to or upon the order of decedent's executor or administrator, a surviving joint stockholder, or any other person to whom delivery or transfer is authorized by law, without the consent of the State Tax Commission, without notice to the commission, and without retaining any portion of such stock or securities for the payment of estate tax. In the case of a decedent dying before July 1, 1978, transfer or delivery may be effected under the preceding sentence, but only if such securities have a market value of not more than $2,000. Transfer of securities having a market value of not more than $30,000 ($2,000 in the case of a decedent dying before July 1, 1978) should not be withheld on account of absence of waivers issued by the State Tax Commission.
(c) A corporation or its transfer agent or registrar may make such a transfer of stock or other securities issued by itself, the market value of which does not exceed $30,000 in the case of a decedent dying after June 30, 1978 ($2,000 in the case of a decedent dying before July 1, 1978), regardless of the total value of all stock or other securities issued by such corporation in the name of the decedent or in the names of the decedent and others jointly, and regardless of whether any other transfer of such stock or securities has previously been made.
(d) The State Tax Commission may defer the issuance of waivers consenting to the delivery or transfer to the executors, administrators or legal representatives of a decedent or to the survivors when held in the joint names of a decedent and one or more persons, or upon their order or request, of securities, deposits or other assets belonging to or standing in the name of said decedent or belonging to or standing in the joint names of such a decedent and one or more persons, in such amounts or portions as in the judgment of the State Tax Commission may be required to secure the payment of estate tax and interest which may thereafter be assessed on account of the delivery or transfer of such securities, deposits or other assets.
(e) Notwithstanding any other provision of this Part, in the case of a decedent dying after September 30, 1983, any cash or deposits or any stock or other security customarily bought and sold in open markets which:
(f) Nothing in this Part shall be construed as requiring the consent of the department, notice to the department or retention of assets for the payment of estate tax for the transfer of cash, deposits, stock or other securities described in this section that, with respect to any one trust company, corporation, bank, other institution or person, do not, in the aggregate, exceed the applicable amount described in this section.