§ 954 — Resident's New York gross estate

§ 954. Resident's New York gross estate. (a) General.-- The New York\ngross estate of a deceased resident means his or her federal gross\nestate as defined in the internal revenue code (whether or not a federal\nestate tax return is required to be filed) modified as follows:\n (1) Reduced by the value of real or tangible personal property having\nan actual situs outside New York state.\n (2) Increased by the amount determined under section nine hundred\nfifty-seven of this part (relating to limited powers of appointment\ncreated prior to September first, nineteen hundred thirty).\n (3) Increased by the amount of any taxable gift under section 2503 of\nthe internal revenue code not otherwise included in the decedent's\nfederal gross estate, made during the three year period ending on the\ndecedent's date of death, but not including any gift made: (A) when the\ndecedent was not a resident of New York state; or (B) before April\nfirst, two thousand fourteen; or (C) between January first, two thousand\nnineteen and January fifteenth, two thousand nineteen; or (D) that is\nreal or tangible personal property having an actual situs outside New\nYork state at the time the gift was made. Provided, however that this\nparagraph shall not apply to the estate of a decedent dying on or after\nJanuary first, two thousand thirty-two. The amount by which the total\ntax imposed under this article exceeds the total tax that would have\nbeen imposed under this article if this paragraph did not apply shall be\ntreated as an obligation of the decedent as of the decedent's death that\nis subject to the provisions of this article (but which shall not be\ndeductible for purposes of this article).\n (4) Increased by the value of any property not otherwise already\nincluded in the decedent's federal gross estate in which the decedent\nhad a qualifying income interest for life if a deduction was allowed on\nthe return of the tax imposed by this article with respect to the\ntransfer of such property to the decedent by reason of the application\nof paragraph (7) of subsection (b) of section 2056 of the internal\nrevenue code, as made applicable to the tax imposed by this article by\nsection nine hundred ninety-nine-a of this article, whether or not a\nfederal estate tax return was required to be filed by the estate of the\ntransferring spouse.\n (b) Valuation. -- (1) The New York gross estate shall be valued as of\nthe time of the decedent's death, except that if a federal estate tax\nreturn is filed and the alternate valuation under section 2032 of the\ninternal revenue code is elected for federal estate tax purposes, the\nNew York gross estate shall be valued as of the applicable federal\nvaluation date or dates. Any real property qualified under section two\nthousand thirty-two-A of the internal revenue code shall have the same\nvalue for purposes of the New York gross estate as it has for federal\nestate tax purposes.\n (2) If such alternate valuation could have been elected pursuant to\nparagraph one of this subsection, but for the absence of an estate\nsufficient to require the filing of a federal return, the New York gross\nestate may, upon the election of the executor, be valued as of the\nfederal valuation date or dates which would have applied if a federal\nreturn had been filed. However, no election may be made under this\nparagraph unless such election will decrease the value of the New York\ngross estate and the amount of tax imposed by this article (reduced by\ncredits allowable against such tax). Any election made under this\nparagraph shall be irrevocable. The election allowed by this paragraph\nshall be made no later than the date prescribed for the filing of the\nreturn under this article (including extensions) or any time thereafter\nas the commissioner may prescribe.\n (c) Cross references.-- (1) For provisions of the internal revenue\ncode defining the federal gross estate, see:\n Sec. 2031. Definition of gross estate.\n Sec. 2032. Alternate valuation.\n Sec. 2032A. Valuation of certain farm, etc., real property.\n Sec. 2033. Property in which the decedent had an interest.\n Sec. 2034. Dower or curtesy interest.\n Sec. 2035. Adjustments for gifts made within three years of decedent's\ndeath.\n Sec. 2036. Transfers with retained life estate.\n Sec. 2037. Transfers taking effect at death.\n Sec. 2038. Revocable transfers.\n Sec. 2039. Annuities.\n Sec. 2040. Joint interests.\n Sec. 2041. Powers of appointment.\n Sec. 2042. Proceeds of life insurance.\n Sec. 2043. Transfers for insufficient consideration.\n Sec. 2044. Certain property for which marital deduction was previously\nallowed.\n Sec. 2045. Prior interests.\n Sec. 2046. Disclaimers.\n (2) For provisions of the internal revenue code which, except to the\nextent they are inconsistent with the provisions of this article, are\npertinent to the computation of taxable gifts and the tax under this\narticle, see:\n Sec. 2503. Taxable gifts.\n Sec. 2511. Transfers in general.\n Sec. 2512. Valuation of gifts.\n Sec. 2513. Gift by husband or wife to third party.\n Sec. 2514. Powers of appointment.\n Sec. 2516. Certain property settlements.\n Sec. 2518. Disclaimers.\n Sec. 2519. Dispositions of certain life estates.\n Sec. 2522. Charitable and similar gifts.\n Sec. 2523. Gift to spouse.\n Sec. 2524. Extent of deductions.\n Sec. 2701. Special valuation rules in case of transfers of certain\ninterests in corporations or partnerships.\n Sec. 2702. Special valuation rules in case of transfers of interests\nin trusts.\n Sec. 2703. Certain rights and restrictions disregarded.\n Sec. 2704. Treatment of certain lapsing rights and restrictions.\n Sec. 7872. Treatment of loans with below-market interest rates.\n (3) For effect of federal estate tax determinations, see section nine\nhundred sixty-one of this article.\n