Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

income in respect of a decedent

Read a random definition: state paper

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
LSD+ is ad-free, with DMs, discounts, case briefs & more.