Income In Respect of A Decedent

Income In Respect of A Decedent means:
Income In Respect Of A Decedent (IRD) is an amount that a decedent was entitled to receive as gross income but that, because of his or her method of accounting, was not includable in gross income for any period before death. IRD thus includes (1) income accrued at the death of a decedent who used the cash receipts and disbursements method of accounting, (2) income that accrued solely by reason of death to a decedent who used the accrual method of accounting, and (3) income to which the decedent had a contingent right at the time of his or her death. The term also includes installment obligations held by a decedent on which he or she had elected to report income by the installment method. A taxpayer receiving IRD is required to include it in gross income to the same extent that it would have been included in gross income by the decedent if received before his or her death. The character of the gross income is the same as it would have been to the decedent. Former IRC (check if this IRC provision is current here) §§691 and 753.

See Inheritance Tax and Inheritance Tax.

Description and Definition of Income in Respect of a Decedent

Income earned by a person before death. This income is included in the gross income of the survivor who receives it.

Resources

See Also

Further Reading

• Income in Respect of a Decedent in the West's Tax Law Dictionary
• Income in Respect of a Decedent in “A Dictionary of Taxation”