2016 New Jersey Revised Statutes
Title 54 - Taxation
Section 54:36-4 - Estates Subject To A Power Of Appointment
54:36-4. Estates subject to a power of appointment
When an instrument creates a power of appointment, the life estate, or estate for a term of years, created and transferred by such instrument shall, if taxable, be immediately appraised and taxed at its clear market value, but the appraisal and taxation of the interest or interests in remainder to be disposed of by the donee of the power shall be suspended until the exercise of the power of appointment. Such interest or interests in remainder shall then be taxed, if taxable, at the clear market value of such property, which value shall be determined as of the date of the death of the creator of the power.
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