MESNE PROFITS. The word âMesne Profitsâ can be understood as rents or profits accruing during the rightful ownerâs exclusion from his land. Justice Low of the British Columbia Court of Appeal adopted these words relating to âMesne profits.
Responsibilities to Government. An executorâs main responsibility to government is to pay the required taxes. According to the American Bar Association, there are usually two kinds of tax returns that you must file. The first is a personal return on behalf of the decedent, and the second is for the estate. In order to file a tax return for the estate, the executor must first apply for a new tax identification number.
The executor is also responsible for any estate taxes when due. Estate taxes are only applicable to very large estates -- in excess of $5 million. An executor typically cannot settle a large estate that owes taxes until he files an estate tax return and receives an estate tax closing letter from the IRS.n executor typically cannot settle a large estate that owes taxes until he files an estate tax return and receives an estate tax closing letter from the IRS.