Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.541.405 Provision of services
Current as of October 02, 2022 | Updated by FindLaw Staff
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(a) The prohibitions on transactions contained in § 541.201 apply to services performed in the United States or by U.S. persons, wherever located, including by a foreign branch of an entity located in the United States:
(1) On behalf of or for the benefit of a person whose property and interests in property are blocked pursuant to § 541.201(a); or
(2) With respect to property interests of any person whose property and interests in property are blocked pursuant to § 541.201(a).
(b) Example. U.S. persons may not, except as authorized by or pursuant to this part, provide legal, accounting, financial, brokering, freight forwarding, transportation, public relations, or other services to a person whose property and interests in property are blocked pursuant to § 541.201(a).
Note to § 541.405: See §§ 541.507 and 541.509 on licensing policy with regard to the provision of certain legal and emergency medical services.
(1) Unless the will otherwise provides and subject to subsection (2) of this section, all expenses incurred in connection with the settlement of a decedent's estate, including debts, funeral expenses, estate taxes, interest and penalties concerning taxes, family allowances, fees of attorneys and personal representatives and court costs, shall be charged against the principal of the estate.
(2) Unless the will otherwise provides, income from the assets of a decedent's estate after the death of the testator and before distribution, including income from property used to discharge liabilities, shall be determined in accordance with the rules applicable to a trustee under ORS chapter 129 and this section and distributed as follows:
(a) To specific legatees and devisees, the income from the property bequeathed or devised to them respectively, less taxes, ordinary repairs, and other expenses of management and operation of the property, and an appropriate portion of interest accrued since the death of the testator and of taxes imposed on income, excluding taxes on capital gains, that accrue during the period of administration.
(b) To all other legatees and devisees, except legatees of pecuniary bequests that are not in trust and that do not qualify for the marital deduction provided for in section 2056 of the Internal Revenue Code (26 U.S.C. 2056), the balance of the income, less the balance of taxes, ordinary repairs, and other expenses of management and operation of all property from which the estate is entitled to income, interest accrued since the death of the testator, and taxes imposed on income, excluding taxes on capital gains, that accrue during the period of administration, in proportion to their respective interests in the undistributed assets of the estate computed at times of distribution on the basis of inventory value.
(3) Income received by a trustee under subsection (2) of this section shall be treated as income of the trust.
Cite this article: FindLaw.com - Code of Federal Regulations Title 31. Money and Finance–Treasury § 31.541.405 Provision of services - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-31-money-and-finance-treasury/cfr-sect-31-541-405.html
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