Section R4-12-554. Statement of accrued taxes

The statement of accrued taxes which a funeral establishment deliv- ers to the financial institution servicing a prearranged funeral trust account or accounts shall contain the following information:

1.        Name of the funeral establishment.

2.        Name and location of financial institution.

3.        Prearranged funeral trust account number(s).

4.        Statement identifying the person by whom taxes are due and payable concerning income earned from funds depos- ited in the trust account(s). The statement shall describe the taxing authority to which the taxes are due, the amount of taxes due and payable concerning each trust account and the fiscal period the taxes concern. The state- ment shall be signed and dated by the owner or responsi- ble funeral director and one other employee of the establishment. On receipt of an appropriately completed statement of accrued taxes, the financial institution shall release a portion of the trust funds equal to the accrued taxes, payable to the taxing authority, to the funeral estab- lishment.

Historical Note

Adopted effective January 1, 1985 (Supp. 85-1).