GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 371
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-23 reads as rewritten:
"§ 105-23.
Information by administrator and executor. Personal representative to
file return.
(a) Return Required. -
Every administrator personal representative of a decedent who dies
intestate shall prepare a statement return showing as far as
can be ascertained the names of all the heirs-at-large and their relationship
to decedent, and every executor the decedent. Every personal
representative of a decedent who dies testate shall prepare a like
statement, return, accompanied by a copy of the will, showing the
relationship to the decedent of all legatees, distributees, and devisees named
in the will, and the age at the time of the death of the decedent of all
legatees, distributees, devisees, and devisees to whom property
is bequeathed or devised for life or for a term of years, and the names of
those, if any, who have died before the decedent, together with decedent.
Each return shall include the post-office address of executor,
administrator, or trustee. the personal representative. If
any of the heirs-at-law, distributees, and devisees are minor children of the
decedent, such statement shall also show the age of each of such minor
children. The statement return shall also contain a
complete inventory of all the real property of the decedent located in and
outside the State, and of all personal property, wherever situate, of the
estate, and of all insurance policies upon the life of the decedent,
together with an appraisal under oath or affirmation of the value of each class
of property embraced in the inventory, and the value of the whole, together
with any deductions permitted by this statute, law, so far as
they may be ascertained at the time of filing such statement; the
return; and also the full statement of all gifts or advancements made by
deed, grant, or sale to any person or corporation, in trust or otherwise,
within three years prior to the death of the decedent. The statement herein
provided for This return shall be filed with the Secretary of
Revenue at Raleigh, North Carolina, within nine months after the qualification
of the executor or administrator, personal representative upon
blank forms to be prepared by the Secretary of Revenue. If any
administrator or executor A personal representative who fails or
refuses to comply with any of the requirements of this section, he shall be shall
be personally liable to for a penalty in the sum of
five hundred dollars ($500.00), to be recovered by the Secretary of Revenue
in an action to be brought by the Secretary of Revenue to collect such sum in
the Superior Court of Wake County against such administrator or executor. ($500.00).
This penalty does not apply, however, if no tax is due on the estate under this
Article. The Secretary of Revenue, for good cause shown, may remit
all or any portion of the penalty imposed under the provisions of this
section. Every executor or administrator personal
representative may make a tentative settlement of the inheritance tax with
the Secretary of Revenue, based on the inventory supported by oath or
affirmation provided in this section. If any executor, administrator,
collector, committee, trustee or any personal representative or other
fiduciary within or without this State holding or having control of any funds,
property, trust or estate, the transfer of which becomes taxable under the
provisions of this Article, shall fail to file the statement herein
required, within the times herein required, the Secretary of Revenue is
authorized and shall be required to secure the information herein required from
the best sources available, and therefrom assess the taxes levied hereunder,
together with the penalties herein and otherwise provided. fails to file
the return required by this section within the time required by this section,
the Secretary of Revenue shall obtain the required information from the best
sources available and, based on this information, shall assess the tax due and
any applicable penalties.
(b) Exception. - An
inheritance tax return is not required to be filed for an estate (i) whose that
meets all of the following conditions:
(1) Its beneficiaries
are all either Class A beneficiaries, as described in G.S. 105-4(a), or the
surviving spouse, and (ii) whose spouse.
(2) Its gross
value, including the value of transfers over which the decedent retained an
interest and the value of gifts made within three years before the decedent's
death, as provided in G.S. 105-2(3), 105-2(a)(3), is less than the
amount specified in the following table: two hundred fifty thousand
dollars ($250,000).
Estates of Decedents Dying
On or
After
Gross Value of Estates
July 1, 1985 ............................... $100,000
August 1, 1985 .............................
75,000
July 1, 1986 ............................... 150,000
January 1, 1987 ............................ 250,000"
Sec. 2. This act becomes effective for estates of decedents dying on or after October 1, 1993.
In the General Assembly read three times and ratified this the 17th day of July, 1993.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives