Massachusetts General Laws ch. 65 sec. 19 – Taxation of money designated for payment of tax
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Section 19. When provision is made by any will or other instrument for payment of the legacy or succession tax upon any gift thereby made out of any property other than that so given, no tax shall be chargeable upon the sum to be applied in payment of such tax.
Terms Used In Massachusetts General Laws ch. 65 sec. 19
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.