Connecticut General Statutes
Chapter 216 - Succession and Transfer Taxes
Section 12-341b. - Taxable transfers by persons dying on and after July 1, 1963.

The transfers enumerated in section 12-340 shall be taxable if made: (a) By will; (b) by statutes relating to descent and distribution of property upon the death of the owner; (c) in contemplation of the death of the transferor, and any transfer of property, either by a direct conveyance or by conveyances through a third party, made and completed within three years next prior to the date of death of the transferor, shall, unless shown to the contrary, be construed prima facie to have been made in contemplation of death, except that no such transfer made more than three years prior to death shall be treated as having been made in contemplation of death; (d) by gift or grant intended to take effect in possession or enjoyment at or after the death of the transferor. Such a transfer as last mentioned shall include, among other things, a transfer under which the decedent retained for his life, or for any period not ascertainable without reference to his death, or for a period of such duration as to evidence an intention that he should retain for his life (1) the possession or enjoyment of, or the right to the income from, the property, or (2) the right, either alone or in conjunction with any person or persons, to designate the person or persons who shall possess or enjoy the property or the income therefrom, but shall not include property transferred by the decedent in which he retained, whether by operation of law or otherwise, the possibility, hereinafter referred to as a “reversionary interest”, that the property would return to the decedent or his estate or would be subject to a power of disposition by him, unless the value of such reversionary interest immediately before the death of the decedent exceeded five per cent of the value of the property transferred. The value of a taxable reversionary interest immediately before the death of the decedent shall be determined, without regard to the fact of the decedent's death, by usual methods of valuation, including the use of tables of mortality and actuarial principles, allowing credit for the value of all intervening estates, under regulations prescribed by the Commissioner of Revenue Services; (e) in payment of a claim against the estate of a deceased person arising from a contract made by him and payable by its terms at or after his death, but a claim created by an antenuptial agreement made payable by will shall be considered as creating a debt against the estate and shall not constitute a taxable transfer. If any transfer specified in subdivisions (c), (d) and (e) of this section is made for a valuable consideration, so much thereof as is the equivalent in money value of the money value of the consideration received by the transferor shall not be taxable, but the remaining portion shall be taxable. If it becomes necessary or appropriate in ascertaining such value to use mortality tables, the American Men's Ultimate Mortality tables at four per cent compound interest shall be used, so far as applicable.

(1963, P.A. 593, S. 1; P.A. 77-614, S. 139, 610.)
History: P.A. 77-614 substituted commissioner of revenue services for tax commissioner, effective January 1, 1979.
Cited. 220 C. 77.
Cited. 1 CA 160; 10 CA 95.
Cited. 38 CS 54.
Subdiv. (d):
When valuable consideration has been received by transferor of trust taxable under Subdiv., offset provision of section applies regardless of source of the consideration. 158 C. 325. Whether joint bank accounts are fractionally taxable under Sec. 12-343 or taxable in their entirety under Subdiv. shall be determined by the transferor's intent, as evidenced by the total factual situation. 175 C. 8. Statute applies where transferor's death is a factor in the devolution of use or enjoyment of the property. 177 C. 476.

Structure Connecticut General Statutes

Connecticut General Statutes

Title 12 - Taxation

Chapter 216 - Succession and Transfer Taxes

Section 12-340. - Tax on transfers of property. Sunset of chapter.

Section 12-341. - Taxable transfers by persons dying on and after July 1, 1959, and prior to July 1, 1963.

Section 12-341a. - Effective date.

Section 12-341b. - Taxable transfers by persons dying on and after July 1, 1963.

Section 12-341c. - Effective date.

Section 12-342. - Life, accident and war risk insurance.

Section 12-343. - Jointly-owned property.

Section 12-344. - Rates.

Section 12-344a. - Additional amount added to tax.

Section 12-344b. - Applicable rates.

Section 12-345. - Revocable trusts.

Section 12-345a. - Taxation of property transferred by exercise or nonexercise of a power of appointment.

Section 12-345b. - Taxation of property transferred by exercise or nonexercise of power of appointment: Definitions.

Section 12-345c. - Taxable transfer made, when.

Section 12-345d. - Lapse of power.

Section 12-345e. - Tax liability for transfer of property subject to general power of appointment.

Section 12-345f. - Power created on or before October 21, 1942.

Section 12-346. - Transfers to executors and trustees in lieu of commissions.

Section 12-347. - Exemptions.

Section 12-348. - Declaration by officer of corporation or other entity claiming exemption.

Section 12-349. - Gross taxable estate.

Section 12-349a. - Effective date.

Section 12-350. - Net estate of resident transferors; deductions.

Section 12-351. - Administration expenses not deductible.

Section 12-352. - Net estate of nonresident transferor; deductions.

Section 12-353. - Life estates; annuities.

Section 12-354. - Estate which may be divested.

Section 12-355. - Compounding of tax. Contingent remainders.

Section 12-356. - Determination of value of contingent interest by Insurance Commissioner.

Section 12-357. - Supervision by commissioner.

Section 12-358. - Reports by clerks of probate courts. Certified copies of wills and papers.

Section 12-359. - Reports of representatives of transferors.

Section 12-360 to 12-362. - U.S. money, bonds and bank accounts: Reports as to ante mortem transfers dispensed with; inventory and appraisal not required. Waiver of returns, reports, inventories and appraisals.

Section 12-363. - Jointly-owned real property; certificate of tax payment.

Section 12-364. - Certificate of release of lien. Regulations.

Section 12-365. - Administration on taxable transfer.

Section 12-366. - Lien for taxes. Regulations.

Section 12-367. - Computation and assessment of tax; objections thereto. Refund of overpayment. When amendment to return not required.

Section 12-368. - Waiver of hearing on computation of tax.

Section 12-369. - Action for quieting title to property.

Section 12-370. - Forms. Reciprocal exchange of information.

Section 12-371. - Estates of nonresident decedents; cooperation with other states.

Section 12-372. - Authority to compromise or arbitrate dispute as to decedent's domicile.

Section 12-373. - Agreement of compromise to fix amount of tax.

Section 12-374. - Determination of domicile by arbitration.

Section 12-375. - Tax due at death.

Section 12-376. - Payment. Interest. Extensions.

Section 12-376a. - Waiver of interest on tax on certain transfers.

Section 12-376b. - Optional payment in installments up to ten years when interest in closely held business exceeds thirty-five per cent of gross estate.

Section 12-376c. - Extension of time for payment when estate consists primarily of works of art of the decedent.

Section 12-376d. - Tax credit for the value of a work of art accepted by the state from the estate of a deceased artist whose net taxable estate is subject to tax under this chapter.

Section 12-377. - Temporary payments.

Section 12-378. - Opinion of no tax due by probate court. Receipts and certificates.

Section 12-379. - Computation and payment by fiduciary.

Section 12-380. - Commissioner may compromise tax.

Section 12-381. - Enforcement against personal property.

Section 12-382. - Transfers prohibited prior to commissioner's written consent. Exception in case of certain payments to a beneficiary under retirement plans or contracts and transfers to a surviving spouse.

Section 12-383. - Penalty for false return or affidavit.

Section 12-384. - Liability of representatives of estates and transferees.

Section 12-385. - Enforcement by sale of property.

Section 12-386. - Legacy charged on real property.

Section 12-387. - Abatement.

Section 12-387a. - Out-of-state action to collect succession tax; local tax.

Section 12-387b. - Reciprocity.

Section 12-387c. - “Tax” to include interest and penalties.

Section 12-388. - Certain refunds to estates subject to additional succession tax.

Section 12-389. - Appointment of attorneys to represent the Commissioner of Revenue Services.

Section 12-390. - Applicability of this chapter. Continuance in force of former statutes.