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Jacksonville Florida Form 4421: What You Should Know
If a tax will not be paid (for example property tax, tax on personal property and tax on real estate) you must make and submit an annual Statement of Cash Available to pay estate taxes. This statement must be received in writing by the Tax Collector before the due date in order to satisfy the estate tax due. You were appointed executor when you paid the remaining debts of your former corporation, but the debt does not have a fixed date it will be paid and the trustee must determine that the estate will be taxed first or second. The law states: 'When the estate of an individual is dissolved the executor may be the sole administrator of the estate and may have a duty to pay all the estate taxes imposed by the laws of the state.' Fla. Stat. § 563.12(1). This is good advice if you are the executor (or trustee of the estate) of a corporate or non-corporate probate estate. If your corporation is a sole proprietorship then you would be the sole administrator of the company. This book outlines the tax considerations of a business entity and also covers how other assets and estates are to be managed when the estate has been dissolved. It is available from any state Probate Judge. We suggest your probate attorney read this book. It may be especially useful for the following types of probate law cases. When a corporation becomes a limited liability company, which allows one person to control the affairs and finances of several corporation members, it becomes a separate corporation, which in turn becomes a limited liability company. This is the case if one member of a corporation leaves and, through no fault of his or her own, no successor member can be elected. Fla. Stat. § 563.12(2). The new limited liability company becomes a corporation and, by law, is subject to its own state tax laws rather than property tax or income tax. Fla. Stat. § 563.12(2)(b). If there is no person named successor from whose time of death the remaining assets of the dissolved entity are then distributed, the successor who receives the assets will have to file an application for property tax exemption and will be taxed on the value of the property. Fla. Stat. § 563.12(4). However, when one member of a corporate limited liability company dies, the corporation as a whole continues, since all corporations must pass one's powers and duties to the successor in interest.
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