Delaware Code Title 30 Sec. 1169 – Declarations of estimated tax
(a) Every resident and nonresident individual or trust shall make a declaration of estimated tax for the taxable year in such form as the Director of Revenue may prescribe, if the estimated tax can reasonably be expected to exceed $800. For the purposes of this section, the term “trust” shall mean any trust the fair market value of whose assets at the end of the tax year next preceding the tax year for which estimated taxes are otherwise required by this section equal or exceed $1,000,000.
Terms Used In Delaware Code Title 30 Sec. 1169
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Director: means the Director of the Division of Revenue or the Secretary of Finance of the State. See Delaware Code Title 30 Sec. 502
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- State: means a state of the United States, the District of Columbia, Puerto Rico, The United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 30 Sec. 502
- Tax: shall be deemed also to refer to license fees imposed under Part III of this title. See Delaware Code Title 30 Sec. 502
- Taxable: means any person, fiduciary, association of persons, syndicate, joint venture or copartnership subject to making return or to payment of tax imposed by this title. See Delaware Code Title 30 Sec. 101
- Year: means a calendar year, and is equivalent to the words "year of our Lord. See Delaware Code Title 1 Sec. 302
(b) The term “estimated tax” means the amount which the individual or trust estimates to be the individual’s or trust’s income tax under this chapter for the taxable year, less the amount which the individual or trust estimates to be the sum of any credits allowable for tax withheld.
(c) If they are eligible to do so for federal tax purposes, spouses may make a joint declaration of estimated tax as if they were 1 taxpayer, in which case the liability with respect to the estimated tax shall be joint and several. If a joint declaration is made but spouses determine their taxes under the chapter separately, the estimated tax for such year may be treated as the estimated tax of either spouse, or may be divided between them, as they may elect.
(d) An individual or trust may amend a declaration as prescribed by the State Tax Commissioner.
30 Del. C. 1953, § ?1169; 57 Del. Laws, c. 737, § ?1; 64 Del. Laws, c. 153, § ?1; 67 Del. Laws, c. 399, §§ ?3-6; 70 Del. Laws, c. 186, § ?1; 72 Del. Laws, c. 445, § ?1; 81 Del. Laws, c. 292, § 4;