§ 955 — Resident's New York taxable estate

New York § 955

• Jurisdiction: New York
• Law TAX: Tax
• Part 1: Computation of Tax
• Art. 26: Estate Tax

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§ 955. Resident's New York taxable estate. (a) General.--The taxable\nestate of a New York resident shall be his or her New York gross estate,\nminus the deductions allowable for determining his or her federal\ntaxable estate under the internal revenue code (whether or not a federal\nestate tax return is required to be filed), except to the extent that\nsuch deductions relate to real or tangible personal property sitused\noutside New York state.\n (b) Waiver of deductions.-- If the right to any deduction otherwise\nallowable is waived for federal estate tax purposes, it shall be\nconsidered waived for New York estate tax purposes.\n (c) Qualified terminable interest property election.-- Except as\notherwise provided in this subsection, the election referred to in\nparagraph (7) of subsection (b) of section 2056 of the internal revenue\ncode shall not be allowed under this article unless such election was\nmade with respect to the federal estate tax return required to be filed\nunder the provisions of the internal revenue code. If such election was\nmade for the purposes of the federal estate tax, then such election must\nalso be made by the executor on the return of the tax imposed by this\narticle. Where no federal estate tax return is required to be filed, the\nexecutor must make the election referred to in such paragraph (7) with\nrespect to the tax imposed by this article on the return of the tax\nimposed by this article. Any election made under this subsection shall\nbe irrevocable.\n (d) Cross references.-- For provisions of the internal revenue code\nspecifying the deductions allowable for federal estate tax purposes,\nsee:\n Sec.2032(b). Alternate valuation--special rule for deductions.\n Sec.2046. Disclaimers.\n Sec.2053. Expenses, indebtedness, and taxes.\n Sec.2054. Losses.\n Sec.2055. Transfers for public, charitable, and religious uses.\n Sec.2056. Bequests, etc., to surviving spouse.\n