N.J. Admin. Code § 18:26-8.18

Current through Register Vol. 56, No. 11, June 3, 2024

Section 18:26-8.18 - Discretionary and legal common trust funds

(a) As the admission and withdrawal to the funds are controlled by contract, the value of the fund, therefore, is to be determined as of the close of business on the last bank business days of January, April, July, and October of each year. For transfer inheritance tax purposes the valuation date shall be:

1. Where approval was obtained by the donor in his or her lifetime, then the valuation date so approved will control the value of his or her interest in the fund.

2. If the donor dies more than five days prior to a contractual valuation date without having applied for approval, it shall be deemed that such a request was in fact made; then the valuation date shall be the one next following his or her death.

3. If the donor dies five days or less prior to a valuation date, then the valuation date shall be the one next following the valuation date immediately after death.

4. If the donor dies one or more days subsequent to a valuation date, but more than five days prior to the next valuation date, the valuation date shall be the one following the date of death.

N.J. Admin. Code § 18:26-8.18

Adopted by 50 N.J.R. 1624(a), effective 7/16/2018