16:44
@RasheedWallaceFan: your gpa is above all medians, so apply broadly
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LSDefine
Simple English definitions for legal terms
IRD
Read a random definition: common scold
A quick definition of IRD:
IRD stands for income in respect of a decedent, which is money that someone earned but didn't receive before they died. This income is included in the person's estate for tax purposes and is either taxed to the estate or to the eventual recipient. It's important to note that this type of income is different from earned income, which is money someone earns from working, and unearned income, which is money someone earns from investments.A more thorough explanation:
Definition: Income in respect of a decedent. Income earned by a person but not collected before death. This income is included in the decedent's gross estate for estate-tax purposes. For income-tax purposes, it is taxed to the estate or, if the estate does not collect the income, it is taxed to the eventual recipient.
Example: If a person earned money from work before they died but did not receive it, that money is considered IRD. For example, if a person earned a paycheck in December but died before receiving it, that paycheck would be considered IRD. The paycheck would be included in the person's estate for estate-tax purposes and would be taxed to the estate or the eventual recipient for income-tax purposes.