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 360.7 - Annuity and other payments under certain trusts, plans and accounts
Universal Citation: 20 NY Comp Codes Rules and Regs ยง 360.7
Current through Register Vol. 46, No. 12, March 20, 2024
(a)
(1) Payments received by any beneficiary
(other than the executor) under an employees' trust or a retirement annuity
contract purchased by an employer, or an individual retirement account or
annuity or a retirement bond, which qualify for exclusion from the Federal
gross estate of a decedent under section 2039 (c) and (e) of the Internal
Revenue Code of 1954, as contained in section 2 of chapter 1013 of the Laws of
1962, as last amended by chapter 916 of the Laws of 1982, are similarly
excludible from a decedent's New York gross estate under section
954 of the Tax Law. Accordingly, payments
pursuant to such a plan, where no contributions were made by the decedent, may
be made without notice to the State Tax Commission and without obtaining a
waiver if such payments do not exceed $100,000. However, payments pursuant to
such a plan, where no contributions were made by the decedent, which exceed
$100,000 in the aggregate may not be made unless written notice of such payment
is mailed to the State Tax Commission at least 10 days prior to such payment
and a sufficient portion of such payment is retained for payment of the estate
tax unless a waiver is first obtained from the State Tax Commission.
(2) Notwithstanding the provisions of
paragraph (1) of this subdivision, payments pursuant to such a plan, where no
contributions were made by the decedent, which exceed $100,000 in the aggregate
if made to the surviving spouse of a decedent dying after September 30, 1983
may be made without the written consent or waiver of the State Tax Commission
and without giving written notice to the State Tax Commission or retaining any
portion of the proceeds for the payment of estate tax. For other exemptions to
waivers for payments to a surviving spouse, see sections
360.5(a)(3)
and
360.6(a)(2)
of this Part.
(b) To the extent that payments pursuant to such a plan are attributable to contributions made by the decedent, the provisions of section 360.5 of this Part shall be applicable.
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