New York Codes, Rules and Regulations › Title 20 - DEPARTMENT OF TAXATION AND FINANCE › Chapter II - Income Taxes and Estate Taxes › Subchapter G - Estate Tax › Part 360 - Tax Waivers And Certain Other Notice Requirements › Section 360.8 - Payment or certification of checks drawn before decedent's death

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Any check drawn
				  by a decedent before his death, which a bank may be authorized to pay or
				  certify within 10 days after his death pursuant to section 4-405 (2)  of the
				  Uniform Commercial Code, may be paid or certified without estate tax waiver,
				  without notice to the State Tax Commission and without retaining any part of
				  the deposit on account of estate tax.
(b) Checks drawn on or prior to the date of
				  death by any person other than the decedent, such as an agent or attorney in
				  fact, upon an account in the decedent's name, or, in the case of an account in
				  the joint names of the decedent and another person, checks drawn on or prior to
				  the date of death by the surviving joint depositor, may also be paid or
				  certified within 10 days after the date of death without estate tax waiver,
				  without notice to the State Tax Commission and without retaining any part of
				  the deposit on account of estate tax.
(c) However, if the total of all checks paid
				  or certified in the period of 10 days after death exceeds $30,000, in the case
				  of the account in the name of a decedent dying after June 30, 1978, or in the
				  case of an account in the joint name of such a decedent and another person, the
				  bank shall notify the State Tax Commission within 45 days after the date of
				  death. However, in the case of a decedent dying before July 1, 1978, such
				  notification was required if the total exceeded $2,000. Such notice to the
				  State Tax Commission shall be in substantially the form shown in subdivision
				  (d) of this section.
(d) Waivers
				  shall be required for the balance remaining in such accounts only if such
				  balance, plus other deposits and assets at the same bank belonging to or
				  standing in the name of said decedent dying after June 30, 1978, or in the
				  joint names of such a decedent and one or more other persons, 10 days after the
				  date of death, are in excess of $30,000. In the case of a decedent dying before
				  July 1, 1978, waivers are required if such balance plus such other deposits are
				  in excess of $2,000. The form of notice to be mailed by the bank to the State
				  Tax Commission is as follows:
NOTICE OF PAYMENTS OR CERTIFICATIONS
________
To: State Tax Commission
Audit Division-Estate Tax Section
State Campus
Albany, N.Y. 12227
Name of decedent............
Date of death............
Residence address............
Notice is hereby given that the undersigned has paid or
					 certified checks for a total amount in excess of $30,000 drawn on the account
					 or accounts of the decedent named:
Balance on the date of death............ ________
Total amount of checks paid or certified within
10 days after death............ ________
Balance............ ________
............
(Paying or Certifying Bank)
............
(Address)
By:............
(Officer)
The above notice, in duplicate, must be mailed within 45
						days after date of decedent's
						death.