I1.516 Deductions

I1.516 Deductions

This is a subject of greater importance in relation to death than it is in relation to lifetime transfers, since the more the allowable deductions the less is the value on which tax is charged. Liabilities are deductible so far as incurred for consideration in money or money's worth or imposed by law1 (see I3.231) and provided they are discharged on or after death out of the estate in money or money's worth2 (see I4.146), unless there is a right of reimbursement reasonably likely to be obtained (see I3.238). There are, however, restrictions on the deduction of liabilities

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