N.Y. Comp. Codes R. & Regs. tit. 20 § 360.7

Current through Register Vol. 46, No. 17, April 24, 2024

Section 360.7 - Annuity and other payments under certain trusts, plans and accounts

(a)

(1) Payments received by any beneficiary (other than the executor) under an employees' trust or a retirement annuity contract purchased by an employer, or an individual retirement account or annuity or a retirement bond, which qualify for exclusion from the Federal gross estate of a decedent under section 2039 (c) and (e) of the Internal Revenue Code of 1954, as contained in section 2 of chapter 1013 of the Laws of 1962, as last amended by chapter 916 of the Laws of 1982, are similarly excludible from a decedent's New York gross estate under section 954 of the Tax Law. Accordingly, payments pursuant to such a plan, where no contributions were made by the decedent, may be made without notice to the State Tax Commission and without obtaining a waiver if such payments do not exceed $100,000. However, payments pursuant to such a plan, where no contributions were made by the decedent, which exceed $100,000 in the aggregate may not be made unless written notice of such payment is mailed to the State Tax Commission at least 10 days prior to such payment and a sufficient portion of such payment is retained for payment of the estate tax unless a waiver is first obtained from the State Tax Commission.

(2) Notwithstanding the provisions of paragraph (1) of this subdivision, payments pursuant to such a plan, where no contributions were made by the decedent, which exceed $100,000 in the aggregate if made to the surviving spouse of a decedent dying after September 30, 1983 may be made without the written consent or waiver of the State Tax Commission and without giving written notice to the State Tax Commission or retaining any portion of the proceeds for the payment of estate tax. For other exemptions to waivers for payments to a surviving spouse, see sections 360.5(a)(3) and 360.6(a)(2) of this Part.

(b) To the extent that payments pursuant to such a plan are attributable to contributions made by the decedent, the provisions of section 360.5 of this Part shall be applicable.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 360.7