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McKinney Texas Form 5495: What You Should Know
No fee to obtain (cash only) Pasadena, TX 72617. Telephone: FAX: I.R.C. Sec. 1.501(c)(3)(C) A taxpayer (including a foreign corporation, partnership, or S corporation as described in §1.401(c), for which the United States is a taxpayer) may receive a refund with respect to qualified property if the taxpayer-- Has a qualified property interest in a property that is subject to an assessment or an estate tax liability because of the taxpayer's death within 2 taxable years before the date on which the property was disposed of without significant use; Has in effect a final decree with respect to the property (other than the decree that determined the value of the property) that provides for the return to the taxpayer of any tax paid under subparagraph (A) of paragraph (1) of this section with respect to the property, or has a final decree with respect to the property that provides for the return to the taxpayer of any tax paid under paragraph (4)(A) of this section with respect to the property, Pursuant to the decree, the tax liability is discharged, and the property is exempt from disposition; and Has in effect a final decree with respect to the property that provides for the payment, or is obligated for payment, of any taxes arising under any chapter of the Internal Revenue Code. A decree for nonpayment of an assessment, penalty, or tax required to be paid or imposed under Chapter 15 of the Internal Revenue Code may be obtained and enforced in an appropriate court. Any tax liability imposed under Federal Income Tax Regulations shall be fully paid and discharged; but in the case of a taxable estate, the decree may provide for the transfer of property under Chapter 1 of the Internal Revenue Code to the qualified heir, the qualified beneficiary, or both, or allow the heir or beneficiary to remain in possession of the property as a residue of the estate, subject to the conditions prescribed by the decree when the decree becomes final. Pursuant to an estate decree or an estate settlement agreement, the surviving spouse of the decedent may receive an income tax refund equal to the deceased's creditable tax liability with respect to that estate. See §1.
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