Massachusetts General Laws ch. 65 sec. 12 – Payment of tax out of capital, not income
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Section 12. All taxes under this chapter shall be paid out of and chargeable to capital and not income, unless otherwise provided in a will or codicil, or deed or other instrument creating the grant or gift; but this provision shall not affect any right of the commonwealth to collect such tax, or any lien therefor.
Terms Used In Massachusetts General Laws ch. 65 sec. 12
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lien: A claim against real or personal property in satisfaction of a debt.