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24.04.2017

Inherited income of a LLC participant

INHERITED REVENUES OF THE LLC PARTICIPANT ARE SUBJECT TO PERSONAL INCOME TAX

The share of the participant in the charter capital of a limited liability company, after his death, passes to his successor. Such a transfer is allowed if the charter of the LLC does not provide for the need for its coordination with other participants. In case company refuses to admit successor, the successor has the right to payment of part the property belonging to the testator, the value of which is determined on the day of the death.

It should be mentioned that the total annual taxable income of the successor includes the amount paid to him as income in the form of investment profit. This amount of money is subject to personal income tax and military fee. The cost of an inherited investment asset is equal to the amount of state duty and personal income tax paid in connection with inheritance. Moreover, an individual is required to file a tax return and pay personal income tax on the amount specified in the declaration. It should be noted that the tax agent will be a limited liability company, but only in terms of reflecting the paid income in the tax calculation under Form No. 1DF.

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