Section 11.21 Statutory Rules Governing Situs Determination of Intangible Property

• Library: Estate Administration 2014 Supp

2. (§11.21) Statutory Rules Governing Situs Determination of Intangible Property

The Code contains rules governing the tax situs of common categories of intangible property. Common stock issued by a corporation organized in the United States is considered property with a United States situs, regardless of the location of the certificates. I.R.C. §§ 2104(a) and 7701(a)(4); Treas. Reg. § 20.2104-1(a)(5). In contrast, stock issued by a foreign corporation is treated as property without a United States situs, even if the shares are located in the United States at death. Treas. Reg. § 20.2105-1(f). Counsel should remember the special rule pertaining to deposits in federal- or state-chartered savings institutions, in United States banks, and with persons carrying on the banking business, all discussed in §11.20 above.

Debt obligations owed to a nonresident alien are considered property with a United States...