Texas Estates Code 752.114 – Tax Matters
Terms Used In Texas Estates Code 752.114
- Claims: includes :
(1) liabilities of a decedent that survive the decedent's death, including taxes, regardless of whether the liabilities arise in contract or tort or otherwise;
(2) funeral expenses;
(3) the expense of a tombstone;
(4) expenses of administration;
(5) estate and inheritance taxes; and
(6) debts due such estates. See Texas Estates Code 22.005 - Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
- Year: means 12 consecutive months. See Texas Government Code 311.005
The language conferring authority with respect to tax matters in a statutory durable power of attorney empowers the attorney in fact or agent to:
(1) prepare, sign, and file:
(A) federal, state, local, and foreign income, gift, payroll, Federal Insurance Contributions Act (26 U.S.C. Chapter 21), and other tax returns;
(B) claims for refunds;
(C) requests for extensions of time;
(D) petitions regarding tax matters; and
(E) any other tax-related documents, including:
(i) receipts;
(ii) offers;
(iii) waivers;
(iv) consents, including consents and agreements under Section 2032A, Internal Revenue Code of 1986 (26 U.S.C. § 2032A);
(v) closing agreements; and
(vi) any power of attorney form required by the Internal Revenue Service or other taxing authority with respect to a tax year on which the statute of limitations has not run and 25 tax years following that tax year;
(2) pay taxes due, collect refunds, post bonds, receive confidential information, and contest deficiencies determined by the Internal Revenue Service or other taxing authority;
(3) exercise any election available to the principal under federal, state, local, or foreign tax law; and
(4) act for the principal in all tax matters, for all periods, before the Internal Revenue Service and any other taxing authority.