Business and Personal Finance Dictionary

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• INCOME IN RESPECT OF A DECEDENT
  
  Any income your beneficiary receives after your death that would have gone to you if you were still alive is described as income in respect of a decedent. One example is the income your beneficiary gets as a minimum required distribution from your 401(k) or IRA. In this case, your beneficiary pays tax on that income at his or her ordinary rate, as you would have.
  
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