N.Y. Tax Law 977 – Requirements concerning returns, notices, records and statements
§ 977. Requirements concerning returns, notices, records and statements. (a) General. The commissioner of taxation and finance may prescribe regulations as to the keeping of records, the content and form of returns, statements or other documents, and the filing of copies of federal estate tax returns and determinations. The commissioner may require any executor or other person, by regulation, instruction or notice served upon such person, to make such returns or documents, render such statements, or keep such records as the commissioner may deem sufficient to show whether or not such executor or other person is liable under this article for tax.
Terms Used In N.Y. Tax Law 977
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- executor: means the executor or administrator of the estate of the decedent, or, if there is no executor or administrator appointed, qualified and acting, then any person or entity in actual or constructive possession of any property of the decedent. See N.Y. Tax Law 951-A
- person: includes an individual, a trustee, a corporation, an association, a joint-stock company, a partnership, a limited liability company and a bank. See N.Y. Tax Law 951-A
(b) Federal return. (1) If a federal estate tax return is required for federal estate tax purposes, a copy thereof, together with such summary and additional information as the commissioner of taxation and finance may prescribe, shall be filed with the return of tax under this article.
For the purposes of this article, the phrase "return, statement or other document" shall include a copy of the federal estate tax return, document or statement.
(2) If a federal estate tax return is not required for federal estate tax purposes, the return of tax under this article shall include such schedules and information as the commissioner of taxation and finance shall prescribe.
(c) Identifying numbers. (1) When required by the commissioner of taxation and finance:
(A) Inclusion in returns. Any person required under the authority of this article to make a return, statement, or other document, or copies thereof, shall include in such return, statement, or other document, or copies thereof, such identifying number as may be prescribed for securing proper identification of such person, or of the decedent.
(B) Furnishing number to other persons. Any person with respect to whom a return, statement, or other document, or copy thereof, is required under the authority of this article to be made by another person shall furnish to such other person such identifying number as may be prescribed for securing his proper identification.
(C) Furnishing number of another person. Any person required under the authority of this article to make a return, statement, or other document, or copy thereof, with respect to another person, shall request from such other person, and shall include in any such return, statement, or other document, or copy thereof, such identifying number as may be prescribed for securing proper identification of such other person.
(2) Limitation. For purposes of subparagraphs (B) and (C) of paragraph (1) of this subsection, a return, statement, or other document, or copies thereof, of an estate, with respect to its liability for tax, shall be considered as a return, statement, or other document, or copies thereof, with respect to each beneficiary of such estate under this article.
(3) Requirement of information. For purposes of this subsection, the commissioner of taxation and finance is authorized to require such information as may be necessary to assign an identifying number to any person or estate.
(4) Use of social security account number. The social security account number issued to an individual may, except as otherwise specified by the commissioner of taxation and finance, be used as the identifying number for such individual for purposes of this title.
(d) Notice of qualification as executor. Every executor shall give notice of his qualifications as such to the commissioner of taxation and finance in such manner and at such time as may be required by the commissioner. The commissioner may provide such exemptions from the requirements of this section as he deems proper.