Louisiana Revised Statutes 47:74 – Items not deductible; shrinkage in value of life or terminable interests
Terms Used In Louisiana Revised Statutes 47:74
- Bequest: Property gifted by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Amounts paid under the laws of any state, territory, District of Columbia, possession of the United States, or a foreign country, as income to the holder of a life or terminable interest acquired by a gift, bequest, or inheritance shall not be reduced or diminished by any deduction for shrinkage, by whatever name called, in the value of such interest due to the lapse of time, nor by any deduction allowed by this Chapter, except the deductions provided for in La. Rev. Stat. 47:65 and 47:66, for the purpose of computing the net income of an estate or trust but not allowed under the laws of such state, territory, District of Columbia, possession of the United States, or foreign country, for the purpose of computing the income to which such holder is entitled.