TAXATION AND ADMINISTRATION OF DECEASED ESTATE: A DISCOURSE
Authors:
TAIWO Adetayo
Publication Type: Journal article
Journal:
ISSN Number:
0
Downloads
15
Views
Abstract
Abstract
The principle of taxation is very relevant to the practice of administration of deceased estate. Although, this article is not intended to give full detailed discussion on the various classes of taxes generally. The main objective is to explain the position and relevant of taxes to succession. That is to expose the impact of tax to the concept of Estate Administration and equally to enable the readers to understand how principle of taxes operates under the rule of estate administration. It must be stated further that the relevance of taxation to all sectors of life cannot be over emphasized particularly in this aspect, administration of deceased estate. The nature of application the assets inherited by the beneficiaries will determine the estate duty to be charged by the tax authority. Aside this, the article also deals with taxation in the context of wills and the maximization of liability to tax in order to understand how the basic rule of taxation would apply to the situation of a given demised estate/ assets for continuous sustainable development. Another concern area of this work is to identify where the liability would fall.