N.Y. Tax Law 971 – Estate tax returns
§ 971. Estate tax returns. (a) Returns by executor. (1) Residents. In the case of the estate of every individual dying on or after April first, two thousand fourteen, who at his or her death was a resident of New York state, his or her executor shall make a return with respect to the estate tax imposed by section nine hundred fifty-two of this article if the decedent's federal gross estate, increased by the amount of any gift includible in his or her New York gross estate, exceeds the basic exclusion amount applicable to the decedent's date of death in paragraph two of subsection (c) of section nine hundred fifty-two of this article.
Terms Used In N.Y. Tax Law 971
- Decedent: A deceased person.
- executor: means the executor or administrator of the estate of the decedent, or, if there is no executor or administrator appointed, qualified and acting, then any person or entity in actual or constructive possession of any property of the decedent. See N.Y. Tax Law 951-A
- Executor: A male person named in a will to carry out the decedent
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- person: includes an individual, a trustee, a corporation, an association, a joint-stock company, a partnership, a limited liability company and a bank. See N.Y. Tax Law 951-A
- Personal property: All property that is not real property.
(2) Nonresidents. In the case of the estate of every individual dying on or after April first, two thousand fourteen, who at his or her death was not a resident of New York state, if such individual's federal gross estate includes real or tangible personal property having an actual situs in New York state, the executor shall make a return with respect to the estate tax imposed by section nine hundred sixty of this article if the decedent's federal gross estate, increased by the amount of any gift includible in his or her New York gross estate, exceeds the basic exclusion amount applicable to the decedent's date of death in paragraph two of subsection (c) of section nine hundred fifty-two of this article.
(b) Joint fiduciaries. If two or more executors are acting jointly, the return may be made by any one of them.
(c) Tax a debt. Any tax under this article, and any increase, interest or penalty thereon, shall, from the time of the death of the decedent, be a debt owed by the estate of the decedent and from the time it is due and payable, be a personal debt of the person liable to pay the same, to the state of New York.
(d) Cross reference. For requirement of filing federal returns, see subsection (b) of section nine hundred seventy-seven of this article.