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
Same as term Contingent Business Income Coverage Form: coverage for loss in the net earnings of a business if a supplier business, subcontractor, key customer, or manufacturer doing ...
Specific powers granted by the principal (the insurance company) to the agent in the contract. ...
in life insurance, difference between the face value of a life insurance policy and its cash value (also known as "pure amount of protection"). ...
Expenses that have or may not yet have been paid by an insurance company. ...
Life or health insurance policy written on an applicant who has passed a medical examination and signed the application but has not paid the premium due. ...
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Denial of coverage for damage, in inland marine insurance, stemming from routine use of the property. Property can be expected to deteriorate somewhat over time from normal use. This is not ...
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