Ga. Comp. R. & Regs. R. 560-7-7-.08 - Income and Expenses of Taxpayer Who Dies
(1)
Purpose. The purpose of
this Rule is to provide guidance concerning the determination of taxable income
of a taxpayer who dies.
(2) General
Provisions.
(a) The final return of a
decedent who dies during the taxable year shall be computed on the same method
of accounting (cash or accrual) as was used by the taxpayer in the last income
tax return filed by him with the State of Georgia within three years next
preceding the date of death.
(b)
The amount of all items of gross income in respect to a decedent which are not
properly includable in respect to the taxable period in which falls the date of
his death or a prior period shall be included in the gross income, for the
taxable year when received of:
1. The estate
of the decedent, if the right to receive the amount is acquired by the
decedent's estate from the decedent;
2. The person who, by reason of the death of
the decedent, acquires the right to receive the amount, if the right to receive
the amount is not acquired by the decedent's estate from the decedent;
or
3. The person who acquires from
the decedent the right to receive the amount of bequest, devises, or
inheritance, if the amount is received after a distribution by the decedent's
estate of such right.
(c) If the decedent at the time of his death
possessed installment obligations which were being reported on the installment
basis, the unreported income on such obligations shall be included in the
decedent's final return or the estate of the decedent in the same manner as
provided by the Internal Revenue Code.
(d) If a deceased taxpayer has not filed a
return with the State of Georgia within the three years next preceding the date
of death the Commissioner may require that the return be filed on the cash
basis.
(e) If any successor of a
decedent is not a resident of this State he is considered for the purposes of
this Rule a non-resident with income subject to tax in this state whether or
not he is a nonresident subject to tax as defined in O.C.G.A. ยง
48-7-30 and regulations there
under.
Notes
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