Purchase by the surviving spouse Sample Clauses

Purchase by the surviving spouse. For purposes of this section, the pur- chase (before the date prescribed for filing the decedent’s estate tax return, including extensions actually granted) by the surviving spouse (or a trust de- scribed in section 2056(b)(7)) of a quali- fied payment interest held (directly or indirectly) by the decedent imme- diately before death is considered a transfer with respect to which a deduc- tion is allowable under section 2056 or section 2106(a)(3), but only to the ex- tent that the deduction is allowed to the estate. For example, assume that A bequeaths $50,000 to A’s surviving spouse, B, in a manner that qualifies for deduction under section 2056, and that subsequent to A’s death B pur- chases a qualified payment interest from A’s estate for $200,000, its fair market value. The economic effect of the transaction is the equivalent of a bequest by A to B of the qualified pay- ment interest, one-fourth of which qualifies for the marital deduction. Therefore, for purposes of this section, one-fourth of the qualified payment in-
Sample 1
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Purchase by the surviving spouse. For purposes of this section, the pur- chase (before the date prescribed for filing the decedent’s estate tax return, including extensions actually granted) by the surviving spouse (or a trust de- scribed in section 2056(b)(7)) of a quali- fied payment interest held (directly or indirectly) by the decedent imme- diately before death is considered a transfer with respect to which a deduc- tion is allowable under section 2056 or section 2106(a)(3), but only to the ex- tent that the deduction is allowed to the estate. For example, assume that A bequeaths $50,000 to A’s surviving spouse, B, in a manner that qualifies for deduction under section 2056, and that subsequent to A’s death B pur- chases a qualified payment interest from A’s estate for $200,000, its fair market value. The economic effect of the transaction is the equivalent of a bequest by A to B of the qualified pay- ment interest, one-fourth of which qualifies for the marital deduction. Therefore, for purposes of this section, one-fourth of the qualified payment in- terest purchased by B ($50,000 ÷ $200,000) is considered a transfer of an interest with respect to which a deduction is al- lowed under 2056. If the purchase by the surviving spouse is not made before the due date of the decedent’s return, the purchase of the qualified payment in- terest will not be considered a bequest for which a marital deduction is al- lowed unless the executor—
Sample 1

Related to Purchase by the surviving spouse

  • Designated Beneficiary The individual who is designated as the Beneficiary under the Plan and is the designated beneficiary under Section 401(a)(9) of the Internal Revenue Code and Section 1.401(a)(9)-1, Q&A-4, of the Treasury regulations.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Survivor Benefit Upon the death of a regular employee who leaves a spouse and/or dependants enrolled in the Medical Services Plan, Dental Plan and Extended Health Benefit Plan, such enrolment may continue for twelve (12) months following the employee’s death, provided the enrolled family members pay the employee’s share of the cost of the premium for the plans. The Employer shall advise the survivor of this benefit.

  • Death Benefit Should Employee die during the term of employment, the Company shall pay to Employee's estate any compensation due through the end of the month in which death occurred.

  • Spouse The spouse of an eligible employee (if legally married under Minnesota law). For the purposes of health insurance coverage, if that spouse works full-time for an organization employing more than one hundred (100) people and elects to receive either credits or cash (1) in place of health insurance or health coverage or (2) in addition to a health plan with a seven hundred and fifty dollar ($750) or greater deductible through his/her employing organization, he/she is not eligible to be a covered dependent for the purposes of this Article. If both spouses work for the State or another organization participating in the State's Group Insurance Program, neither spouse may be covered as a dependent by the other, unless one spouse is not eligible for a full Employer Contribution as defined in Section 3A. Effective January 1, 2015 if both spouses work for the State or another organization participating in the State’s Group Insurance Program, a spouse may be covered as a dependent by the other.

  • Designation of Beneficiary The depositor may designate a beneficiary or beneficiaries to receive benefits from the custodial account in the event of the depositor’s death. In the event the depositor has not designated a beneficiary, or if all beneficiaries shall predecease the depositor, the following persons shall take in the order named:

  • Survivor Benefits 1. A surviving dependent of a retiree who was eligible to receive a Retiree Medical Grant, as stated above in A through C, and who qualifies for a monthly allowance shall be eligible for fifty (50) percent of the Grant authorized for the retiree.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Leave Without Pay for Relocation of Spouse (a) At the request of an employee, leave without pay for a period of up to one (1) year shall be granted to an employee whose spouse is permanently relocated and up to five (5) years to an employee whose spouse is temporarily relocated.

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