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Income in respect of a decedent |
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Income in respect of a decedent. Any income your beneficiary receives after your death that would have gone to you if you were still alive is described as income in respect of a decedent. One example is the income your beneficiary gets as a minimum required distribution from your 401(k) or IRA. In this case, your beneficiary pays tax on that income at his or her ordinary rate, as you would have. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| The NUA is considered income in respect of a decedent. If the seller dies prior to the maturity of the note, the seller's estate must recognize the remaining deferred capital gain on the estate's initial fiduciary income tax return as income in respect of a decedent. Reflecting changes made by the IRS Restructuring and Reform Act of 1998, it covers such topics as valuation elections, stock redemptions, disclaimers, planning the final return, marital deduction, expenses and income in respect of a decedent and miscellaneous postmortem tax considerations. |
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