Income In Respect Of A Decedent (ird)
Definition of "Income in respect of a decedent (ird)"
Classification at death of all pension plans, profit-sharing plans, individual retirement accounts (IRAS), annuities, and installment payments to the extent to which the deceased was entitled to receive income and that income was not included in the deceased's taxable income in the year of the death. This income is ruled to be subject to income tax to the beneficiary as well as estate tax to the heirs.
Popular Insurance Terms
State law by which insurance companies are permitted to establish deferred tax assets and liabilities subject to maximum limitations. ...
Insurance that acts as a supplement to medicare in that it will pay the deductibles and coinsurance sums that the Medicare recipient is responsible for paying. In addition, some policies ...
Combination of the funds of many policyholders held in a single account and invested as a single entity. ...
Concealment of the actual fact. For example, an insurance agent tells a prospective insured that a policy provides a particular benefit when in actual fact this benefit is not in the ...
Statistical approach stating that if a series of samples is taken from a stable population, the distribution of the means (averages) of these samples will form a normal distribution whose ...
Anticipated insurance-related costs, not including claims-related costs. ...
Trading of stock to enhance portfolio performance and reduce taxes. This practice is followed when the investor has accumulated losses on stocks and sells these stocks in order to use the ...
Coverage under which the face value, premiums, and plan of insurance can be changed at the discretion of the policy owner in the following manner, without additional policies being issued: ...
Coverage in the event that property is damaged or destroyed so that an insured cannot use the property for its intended purpose. For example, loss of use of a drill press because of ...
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