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LSDefine

Simple English definitions for legal terms

income in respect of a decedent

Read a random definition: executory interest

A quick definition of income in respect of a decedent:

Income is the money or payment that someone receives from their job, business, investments, gifts, and other sources. There are different types of income, such as gross income (total income before deductions), net income (income after deductions), earned income (money earned from work), and unearned income (money earned from investments). Income in respect of a decedent is income that a person earned but did not collect before they died, and it is taxed to their estate or eventual recipient.

A more thorough explanation:

Definition: Income in respect of a decedent refers to the income earned by a person but not collected before their death. This income is included in the decedent's gross estate for estate-tax purposes. For income-tax purposes, it is taxed to the estate or, if the estate does not collect the income, it is taxed to the eventual recipient.

Example: If a person earned money from work before their death but did not receive it, that money is considered income in respect of a decedent. For example, if a person earned $1,000 in November but did not receive the payment until January, after their death, that $1,000 is considered income in respect of a decedent. This income is taxed to the estate or the eventual recipient.

Explanation: Income in respect of a decedent is income that was earned by a person but not collected before their death. This income is taxed differently for estate-tax and income-tax purposes. For estate-tax purposes, it is included in the decedent's gross estate. For income-tax purposes, it is taxed to the estate or the eventual recipient. The example illustrates how income in respect of a decedent works in practice.

income fund | income property

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2big2fail
19:44
im gatekeeping my current book
Dkk
19:44
@2big2fail: looks like an Aristotle wannabe.
2big2fail
19:44
whatever. im just reading the financial times
1a2b3c4d26z
19:44
ft goated
concorde
19:45
I hate Dostoevsky
2big2fail
19:45
studying cloud computing, not the cloud of unknowing
babycat
19:45
@1a2b3c4d26z: serotonin is my fave houellebecq
1a2b3c4d26z
19:45
chefs kiss mwah
2big2fail
19:45
i honestly dont understand why people like houellebecq
1a2b3c4d26z
19:45
I'll try to describe how I feel about him
2big2fail
19:46
my favorite french authors are balzac and proust, as basic as that is
1a2b3c4d26z
19:46
basically I read his book and the whole time I read it I liked it so I finished it and I said hm I liked that book written by the author houellebecq
1a2b3c4d26z
19:46
balzac hahaha
2big2fail
19:46
lost illusions is goated
does it take longer to hear back if u applied to scholarships for schools like ucla???
Dkk
19:47
For Houellebecq I have only read https://en.wikipedia.org/wiki/Atomised
JumpySubsequentDolphin
19:47
you guys should read averroes
also do we think ucla wont do a wave tmw cuz they did a tiny one tonight, can schools do 2 days ina. row
JumpySubsequentDolphin
19:47
perhaps read the incoherence of philosophy first and then read averroes’ response: “the incoherence of the incoherence”
2big2fail
19:47
@Dkk: i read that one. just thought it was boring and not really in touch with reality
JumpySubsequentDolphin
19:47
SPLITTY usually they’re Friday!
Dkk
19:48
@2big2fail: I agree.
HUH then what the heck is this wave tonight ab are they tryna give us an attack???
babycat
19:49
@texaslawhopefully: don’t really remember it but my ibooks library says i read it in 2020. that whole year is a haze.
Dkk
19:51
My favorite book though, The Good Morty: https://archive.org/details/TheGoodMorty
Dkk
20:09
Man, I guess nobody like The Good Morty
2big2fail
20:10
didnt even look at it
Dkk
20:12
R.I.P.
Dkk
20:13
https://www.youtube.com/watch?app=desktop&v=0uzynaLi4Tg&t=0s such a minor joke, so good to me.
babycat
20:16
I hate The Good Morty
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