[Code of Federal Regulations]
[Title 26, Volume 14]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR20.2031-5]

[Page 268-269]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 20_ESTATE TAX; ESTATES OF DECEDENTS DYING AFTER AUGUST 16, 
1954--Table of Contents
 
Sec.  20.2031-5  Valuation of cash on hand or on deposit.

    The amount of cash belonging to the decedent at the date of his 
death, whether in his possession or in the possession of another, or 
deposited with a

[[Page 269]]

bank, is included in the decedent's gross estate. If bank checks 
outstanding at the time of the decedent's death and given in discharge 
of bona fide legal obligations of the decedent incurred for an adequate 
and full consideration in money or money's worth are subsequently 
honored by the bank and charged to the decedent's account, the balance 
remaining in the account may be returned, but only if the obligations 
are not claimed as deductions from the gross estate.