31065

For purposes of this subchapter:(a) Annuities and individual retirement accounts. — The amounts receivable by reason of annuity contracts and individual retirement accounts not eligible under §§ 33001 et seq. of this title shall be deemed to be property located outside Puerto Rico.(b) Certain bank deposits and other items:(1) Deposits with persons engaged in the banking business in Puerto Rico.(2) Deposits or savings accounts in savings and loan associations or similar institutions doing business in Puerto Rico.(3) Amounts withheld by an insurance company doing business in Puerto Rico under an agreement whereby interest is to be paid on such amounts, payable to a Puerto Rico nonresident, shall be deemed to be property located outside Puerto Rico if, at the time of death of the decedent, the interest on such deposits or amounts were not effectively connected with a trade or business in Puerto Rico.(c) Works of art. — Works of art owned by a Puerto Rico nonresident shall be deemed to be property located outside Puerto Rico, if such works of art are:(1) Imported into Puerto Rico solely for exhibition purposes;(2) loaned for such purposes to a public museum or gallery, insofar as no

e property located outside Puerto Rico, if such works of art are:(1) Imported into Puerto Rico solely for exhibition purposes;(2) loaned for such purposes to a public museum or gallery, insofar as no part of the net earnings of which inure to the benefit of any stockholder or private individual, and(3) at the time of death of the owner, such works were on exhibition or en route to or from exhibition in such public museum or gallery. History —Jan. 31, 2011, No. 1, § 2030.05, retroactive to Jan. 1, 2011.