North Carolina General Statutes 28A-27-6. No apportionment between temporary and remainder interests
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No interest in income and no estate for years or for life or other temporary interest in any property or fund is subject to apportionment as between the temporary interest and the remainder. The tax on the temporary interest and the tax, if any, on the remainder is chargeable against the corpus of the property or funds subject to the temporary interest and remainder. (1985 (Reg. Sess., 1986), c. 878, s. 1.)
Terms Used In North Carolina General Statutes 28A-27-6
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.