N.Y. Comp. Codes R. & Regs. tit. 20 § 360.1

Current through Register Vol. 44, No. 38, September 21, 2022
Section 360.1 - Payment, delivery and transfer of cash, deposits and open-market securities whose value is not more than $30,000
(a)
(1) Any trust company, corporation, bank or other institution, or person having in possession or under control cash or deposits not exceeding $30,000, which belong to or stand in the name of a decedent dying after June 30, 1978, or which belong to or stand in the names of such a decedent and one or more other persons jointly, may pay the same to or upon the order of the decedent's executor or administrator, a surviving joint depositor or any other person to whom payment is authorized by law, without the consent of the State Tax Commission, without notice to the commission, and without retaining any portion of such cash or deposits for the payment of estate tax. In the case of a decedent dying before July 1, 1978, payment may be made under the preceding sentence, but only if the cash and deposits do not exceed $2,000. Payment of cash or deposits in an amount not exceeding $30,000 ($2,000 in the case of decedents dying before July 1, 1978) should not be withheld on account of absence of waivers issued by the State Tax Commission.
(2) Any trust company, corporation, bank or other institution, or person having in possession or under control cash or deposits in excess of $30,000, which belong to or stand in the name of a decedent dying after June 30, 1978, or which belong to or stand in the names of such a decedent and one or more other persons jointly, may pay not more than $30,000 thereof in the aggregate to or upon the order of decedent's executor or administrator, a surviving joint depositor or any other person to whom payment is authorized by law, without the consent of the State Tax Commission, without notice to the commission, and without retaining any portion of such withdrawal for the payment of estate tax. Before any payment is made, in the case of such a decedent dying after June 30, 1978, which, together with all other payments made previously or at the same time, would amount to over $30,000, a waiver must be obtained for the total amount on deposit in possession of or under control of the payor as of the date of the decedent's death. In the case of a decedent dying before July 1, 1978, payment may be made and waivers are required under the preceding sentences of this paragraph, but the amount of $2,000 shall be substituted for $30,000 wherever appearing in such sentences.
(b) Any person or corporation having possession or control of stock or other securities which belong to or stand in the name of a decedent dying after June 30, 1978, or which belong to or stand in the names of such a decedent and one or more other persons jointly, if such stock or other securities are customarily bought and sold in open markets, and if the market value thereof is not more than $30,000, may transfer or deliver the same to or upon the order of decedent's executor or administrator, a surviving joint stockholder, or any other person to whom delivery or transfer is authorized by law, without the consent of the State Tax Commission, without notice to the commission, and without retaining any portion of such stock or securities for the payment of estate tax. In the case of a decedent dying before July 1, 1978, transfer or delivery may be effected under the preceding sentence, but only if such securities have a market value of not more than $2,000. Transfer of securities having a market value of not more than $30,000 ($2,000 in the case of a decedent dying before July 1, 1978) should not be withheld on account of absence of waivers issued by the State Tax Commission.
(c) A corporation or its transfer agent or registrar may make such a transfer of stock or other securities issued by itself, the market value of which does not exceed $30,000 in the case of a decedent dying after June 30, 1978 ($2,000 in the case of a decedent dying before July 1, 1978), regardless of the total value of all stock or other securities issued by such corporation in the name of the decedent or in the names of the decedent and others jointly, and regardless of whether any other transfer of such stock or securities has previously been made.
(d) The State Tax Commission may defer the issuance of waivers consenting to the delivery or transfer to the executors, administrators or legal representatives of a decedent or to the survivors when held in the joint names of a decedent and one or more persons, or upon their order or request, of securities, deposits or other assets belonging to or standing in the name of said decedent or belonging to or standing in the joint names of such a decedent and one or more persons, in such amounts or portions as in the judgment of the State Tax Commission may be required to secure the payment of estate tax and interest which may thereafter be assessed on account of the delivery or transfer of such securities, deposits or other assets.
(e) Notwithstanding any other provision of this Part, in the case of a decedent dying after September 30, 1983, any cash or deposits or any stock or other security customarily bought and sold in open markets which:
(1) belongs to or stands in the name of such decedent and such decedent's surviving spouse as tenants by the entirety or as joint tenants with right of survivorship (but only if the decedent and the decedent's spouse are the only joint tenants);
(2) belongs to or stands in the name of such decedent in trust for the surviving spouse where such surviving spouse is the sole beneficiary; or
(3) belongs to or stands in the name of such decedent in an individual retirement account, an individual retirement annuity account, a Keogh account or any other account specified by the commissioner where the surviving spouse is the sole beneficiary may be transferred or delivered to such surviving spouse without notice to, or the written consent or waiver of, the Department of Taxation and Finance and without retaining any portion thereof for the payment of estate tax regardless of the value of such cash, deposit, stock or other security.
(f) Nothing in this Part shall be construed as requiring the consent of the department, notice to the department or retention of assets for the payment of estate tax for the transfer of cash, deposits, stock or other securities described in this section that, with respect to any one trust company, corporation, bank, other institution or person, do not, in the aggregate, exceed the applicable amount described in this section.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 360.1