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For many years, the New Jersey Division of Taxation has generally applied the Internal Revenue Code to the treatment of New Jersey estates, including the general rule of Section 529 of the Code, which states in part that, with two exceptions, no amount is includible in a decedent’s gross estate “by reason of an interest in a qualified tuition program.” Most practitioners have interpreted this to mean that qualified tuition programs (more commonly referred to as “529 accounts”) are not included in a decedent’s gross estate for New Jersey estate or inheritance tax purposes; however, it turns out that this understanding may not be true, especially with respect to the latter.
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