[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: 26CFR20.2033-1]

[Page 305]
 
                       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.  20.2033-1  Property in which the decedent had an interest.

    (a) In general. The gross estate of a decedent who was a citizen or 
resident of the United States at the time of his death includes under 
section 2033 the value of all property, whether real or personal, 
tangible or intangible, and wherever situated, beneficially owned by the 
decedent at the time of his death. (For certain exceptions in the case 
of real property situated outside the United States, see paragraphs (a) 
and (c) of Sec.  20.2031-1.) Real property is included whether it came 
into the possession and control of the executor or administrator or 
passed directly to heirs or devisees. Various statutory provisions which 
exempt bonds, notes, bills, and certificates of indebtedness of the 
Federal Government or its agencies and the interest thereon from 
taxation are generally not applicable to the estate tax, since such tax 
is an excise tax on the transfer of property at death and is not a tax 
on the property transferred.
    (b) Miscellaneous examples. A cemetery lot owned by the decedent is 
part of his gross estate, but its value is limited to the salable value 
of that part of the lot which is not designed for the interment of the 
decedent and the members of his family. Property subject to homestead or 
other exemptions under local law is included in the gross estate. Notes 
or other claims held by the decedent are likewise included even though 
they are cancelled by the decedent's will. Interest and rents accrued at 
the date of the decedent's death constitute a part of the gross estate. 
Similarly, dividends which are payable to the decedent or his estate by 
reason of the fact that on or before the date of the decedent's death he 
was a stockholder of record (but which have not been collected at death) 
constitute a part of the gross estate.

[T.D. 6296, 23 FR 4529, June 24, 1958, as amended by T.D. 6684, 28 FR 
11409, Oct. 24, 1963]