Purchase by the surviving spouse Clause Samples

Purchase by the surviving spouse. For purposes of this section, the pur- chase (before the date prescribed for filing the decedent’s estate tax return, including extensions actually granted) by the surviving spouse (or a trust de- scribed in section 2056(b)(7)) of a quali- fied payment interest held (directly or indirectly) by the decedent imme- diately before death is considered a transfer with respect to which a deduc- tion is allowable under section 2056 or section 2106(a)(3), but only to the ex- tent that the deduction is allowed to the estate. For example, assume that A bequeaths $50,000 to A’s surviving spouse, B, in a manner that qualifies for deduction under section 2056, and that subsequent to A’s death B pur- chases a qualified payment interest from A’s estate for $200,000, its fair market value. The economic effect of the transaction is the equivalent of a bequest by A to B of the qualified pay- ment interest, one-fourth of which qualifies for the marital deduction. Therefore, for purposes of this section, one-fourth of the qualified payment in-
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Purchase by the surviving spouse. For purposes of this section, the pur- chase (before the date prescribed for filing the decedent’s estate tax return, including extensions actually granted) by the surviving spouse (or a trust de- scribed in section 2056(b)(7)) of a quali- fied payment interest held (directly or indirectly) by the decedent imme- diately before death is considered a transfer with respect to which a deduc- tion is allowable under section 2056 or section 2106(a)(3), but only to the ex- tent that the deduction is allowed to the estate. For example, assume that A bequeaths $50,000 to A’s surviving spouse, B, in a manner that qualifies for deduction under section 2056, and that subsequent to A’s death B pur- chases a qualified payment interest from A’s estate for $200,000, its fair market value. The economic effect of the transaction is the equivalent of a bequest by A to B of the qualified pay- ment interest, one-fourth of which qualifies for the marital deduction. Therefore, for purposes of this section, one-fourth of the qualified payment in- terest purchased by B ($50,000 ÷ $200,000) is considered a transfer of an interest with respect to which a deduction is al- lowed under 2056. If the purchase by the surviving spouse is not made before the due date of the decedent’s return, the purchase of the qualified payment in- terest will not be considered a bequest for which a marital deduction is al- lowed unless the executor— (1) Files a statement with the return indicating the qualified payment inter- ests to be purchased by the surviving spouse (or a trust described in section 2056(b)(7)), and (2) Before the date that is one year prior to the expiration of the period of limitations on assessment of the Fed- eral estate tax, notifies the District ▇▇- ▇▇▇▇▇▇ having jurisdiction over the re- turn that the purchase of the qualified payment interest has been made (or that the funds necessary to purchase the qualified payment interest have been permanently set aside for that purpose).
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Related to Purchase by the surviving spouse

  • Termination by the State The State or commissioner of Administration may cancel this Professional and Technical Services Master Contract and any Work Authorizations at any time, with or without cause, upon 30 days’ written notice to the Contractor. Upon termination, the Contractor will be entitled to payment, determined on a pro rata basis, for services satisfactorily performed.

  • Termination by the Sellers The Sellers may terminate the Agreement in the event either Purchaser or the Guarantor (if any of the proceedings with respect to the Guarantor in the following clauses (i) through (iv) below would reasonably be expected to impair the ability of either Purchaser to perform its obligations under the Agreement (including Article 8 of the Agreement and this Annex A) fully and on a timely basis) (i) becomes the subject of any bankruptcy or other proceeding relating to its liquidation or insolvency (if not dismissed within sixty (60) days of initial filing), or is the subject of a receivership or conservatorship, (ii) files a voluntary petition in bankruptcy or similar proceeding or admits in writing its inability to pay its debts as they become due, (iii) makes a general assignment for the benefit of creditors, or (iv) files a petition or an answer seeking reorganization or an arrangement with creditors.

  • Termination for Cause by the Company The Company may terminate your employment hereunder for “Cause” at any time after providing a written notice of termination for Cause to you. For purposes of this Agreement, you shall be treated as having been terminated for Cause if and only if you are terminated as a result of the occurrence of one or more of the following events: (i) any willful and wrongful conduct or omission by you that demonstrably and materially injures the Company or its affiliates; (ii) any act by you of fraud, dishonesty, gross negligence, or intentional misrepresentation or embezzlement, misappropriation or conversion of assets of the Company or any affiliate; (iii) you being convicted of, confessing to, pleading nolo contendere to, or becoming the subject of proceedings that provide a reasonable basis for the Company to believe that you have engaged in a felony or any crime involving dishonesty or moral turpitude; (iv) your willful and material violation of any written policies or procedures of the Company, including but not limited to the Company’s code of business conduct, code of ethics and ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ policy; (v) your willful and continuous failure to substantially perform your duties or responsibilities hereunder (other than as a result of physical or mental illness), including, but not limited to: (A) significant and/or repeated gross underperformance of the overall area of aggregate responsibilities then under your supervision; or (B) the failure to follow the lawful directions of the Company’s Chief Executive Officer, or if you do not report directly to the Chief Executive Officer, of your supervising officer, in a manner consistent with this Agreement; or (vi) your material, and intentional or willful, violation of any restrictive covenant provided for under this Agreement or any other agreement with the Company to which you are a party. For purposes of this Agreement an act or failure to act shall be considered “willful” only if done or omitted to be done without your good faith reasonable belief that such act or failure to act was in the best interests of the Company. Notwithstanding the foregoing, you shall not be treated as having been terminated as a result of an event described in subsection (i), (iv), (v) or (vi) unless the Company notifies you in writing of the event not more than ninety (90) days after the Company knows, or with the exercise of reasonable diligence would have known, of the occurrence of such event, and you fail within thirty (30) days after receipt of such notice to cure such event to the Company’s reasonable satisfaction; provided, however, that in no event shall the Company’s failure to notify you of the occurrence of any event constituting Cause, or to terminate you as a result of such event, be construed as a consent to the occurrence of future events, whether or not similar to the initial occurrence, or a waiver of the Company’s right to terminate you for Cause as a result thereof.

  • Clean-Up Terminations by the Sellers (a) The Sellers shall have the right to elect to terminate this Agreement in the event that the remaining Serviced Appointments have generated LTM Fee Revenue that is less than 5% of the aggregate fee revenue generated by all Appointments that are Serviced Appointments as of January 1, 2024 in the twelve-month period prior to January 1, 2024. (b) In the event the Sellers elect to terminate this Agreement pursuant to clause (a) above, the Sellers shall, concurrently with such termination, pay to the Purchasers an amount equal to LTM Fee Revenue multiplied by 1.40. (c) For purposes of this Agreement, “LTM Fee Revenue” means the fee revenue (excluding net interest income but including money market fund fees) generated by all remaining Serviced Appointments in the last full twelve-month period prior to the time the Sellers elect to exercise their termination right pursuant to this Section 7.2.2.

  • Termination by the Corporation If the Executive’s employment is terminated by the Corporation upon the giving of written notice of such termination to the Executive at any time within the 6 month period following a Change of Control (other than for Just Cause, Disability or Death), then the Executive shall be entitled to the following: i. such payments on account of severance as provided for under Section 12(b) of this Agreement; and ii. notwithstanding anything to the contrary in Section 12 hereof or in this Agreement, all options granted by the Corporation to the Executive shall, following the giving of any notice by the Corporation under this Section 14(a), be deemed to vest immediately and shall be exercisable by the Executive for a period of 90 days following the giving of such notice by the Corporation hereunder.