N.J. Admin. Code § 18:26-8.23
Current through Register Vol. 56, No. 21, November 4, 2024
Certificates of deposit, savings certificates, special savings accounts, and other accounts with banking institutions that provide for a penalty for premature withdrawal are to be reported at face value at the death of the decedent, plus interest that may have been credited up to the date of death, unless it is necessary to redeem any or all of the items so described in order to pay the debts of the estate, to carry out the provisions of the will, to effect distribution of the estate under the intestate law, or for the payment of taxes. In those cases, the actual amount received on redemption is reportable for taxation.
N.J. Admin. Code § 18:26-8.23