SUBCHAPTER 2. IMPOSITION AND COMPUTATION OF TAX
N.J.A.C. 18:26-2.4 (2014)
§ 18:26-2.4 Exclusion of exempt transfers
In computing the tax the deductions allowed by N.J.S.A. 54:34-5 (see N.J.A.C. 18:26-7) are to be deducted from the clear market value of the property transferred, and the tax computed on the remainder of the transfer less any exemptions permitted under N.J.S.A. 54:34-4 (see subchapter 6 of this chapter) at the rates in effect at the date of death.