The NYS tax office of Estate info said that a Co-op's shares do not have to be listed in a NYS Estate because they are treated as Intangible Personal Property. This came out of NYS Dept of Tax & Finance, Taxpayer Services Division, Technical Services Bureau, TSB-M-81 (1), Estate and Gift Tax, 2/20/81. If this is true, do you think the IRS wants Co-op shares listed in an Estate valuation?

Thanks, MIKL8888

If the co-op shares have a value attached to them, then, yes, the IRS WILL want them included in the estate.

Quote:

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Originally Posted by AtlantaTaxExpert

If the co-op shares have a value attached to them, then, yes, the IRS WILL want them included in the estate.

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What do you think about the NYS tax persons stating the above; that co-op shares, whatever the value are excluded from Estate valuation?

Thanks,

MIKL8888

I am NOT an expert in NY estate tax law.

I believe Ebaines practices in NY, so he may be able to comment.

Thank you ATE... mikl8888
How do I re-direct to ebaines?

Give it a few days, he should come along, this is a public forum for any person to read and to respond to

I cannot imagine that the exclusive right to use, rent, occupy, or sell a real property due to shares in a co-op could be considered intangible under Federal estate tax laws.

Intangible assets are described as the following:

Intangible Property is property that has value but cannot be seen or touched. It includes things such as:

Goodwill.
Going concern value.
Workforce in place.
Business books and records, operating systems, or any other information base, including lists or other information concerning current or prospective customers.
A patent, copyright, formula, process, design, pattern, know-how, format, or similar item.
A customer-based intangible.
A supplier-based intangible.
Any item similar to items (3) through (7).
A license, permit, or other right granted by a governmental unit or agency (including issuances and renewals).
A covenant not to compete entered into in connection with the acquisition of an interest in a trade or business.
Any franchise, trademark, or trade name.
A contract for the use of, or a term interest in, any item in this list.