118.990���� Penalties GENERAL PROVISIONS ����� 118.005 Definitions for ORS 118.005 to 118.540. As used in ORS 118.005 to 118.540, unless the context requires otherwise: ����� (1) �Beneficiary

118.990���� Penalties

GENERAL PROVISIONS

����� 118.005 Definitions for ORS 118.005 to 118.540. As used in ORS 118.005 to 118.540, unless the context requires otherwise:

����� (1) �Beneficiary� means the recipient of a beneficial interest in property or the income therefrom transferred in a manner taxable under ORS 118.005 to 118.540.

����� (2) �Department� means the Department of Revenue.

����� (3) �Director� means the Director of the Department of Revenue.

����� (4) �Executor� means the executor, administrator, personal representative, fiduciary, or custodian of property of the decedent, or, if there is no executor, administrator, fiduciary or custodian appointed, qualified and acting, then any person who is in the actual or constructive possession of any property includable in the estate of the decedent for estate tax purposes whether or not such estate is subject to administration.

����� (5) �Federal taxable estate� means the taxable estate as determined under subtitle B, chapter 11 of the Internal Revenue Code.

����� (6) �Gross estate� has the meaning given that term in section 2031 of the Internal Revenue Code.

����� (7) �Oregon taxable estate� means the federal taxable estate with the adjustments provided by ORS 118.010 (3).

����� (8) �Passes� includes any case where for the purposes of ORS 118.005 to 118.540 a taxable transfer takes place or is deemed to take place.

����� (9) �Personal representative� means personal representative as defined in ORS 111.005. [1959 c.418 �7; 1969 c.520 �23; 1971 c.567 �4; 1973 c.344 �1; 1975 c.762 �1; 1977 c.666 �1; 1997 c.99 �6; 2011 c.526 �1]

����� 118.007 Connection to federal law; meaning of terms. Any term used in ORS 118.005 to 118.540 has the same meaning as when used in a comparable context in the laws of the federal Internal Revenue Code relating to federal estate taxes, unless a different meaning is clearly required or the term is specifically defined in ORS 118.005 to 118.540. Any reference in ORS 118.005 to 118.540 to the Internal Revenue Code means the federal Internal Revenue Code as amended and in effect on December 31, 2010, except where the Legislative Assembly has specifically provided otherwise. [2003 c.806 �2; 2011 c.526 �2]

����� 118.009 [2003 c.806 �1a; repealed by 2011 c.526 �29]

����� 118.010 Imposition and amount of tax in general; Oregon taxable estate; out-of-state property; nonresident decedents; rules. (1) As used in this section:

����� (a) �Nonresident decedent� means an individual who is domiciled outside of Oregon on the date the individual dies.

����� (b) �Resident decedent� means an individual who is domiciled in Oregon on the date the individual dies.

����� (2) A tax is imposed upon a transfer of the property of each:

����� (a) Resident decedent; and

����� (b) Nonresident decedent whose estate includes any interest in:

����� (A) Real property located in Oregon; or

����� (B) Tangible personal property located in Oregon.

����� (3) The Oregon taxable estate to be used for purposes of computing the tax imposed under this section shall be the federal taxable estate:

����� (a) Increased by:

����� (A) The deduction for state estate, inheritance, legacy or succession taxes allowable under section 2058 of the Internal Revenue Code; and

����� (B) If the decedent is a surviving spouse owning the property at death, the value of the following property unless included in the federal taxable estate:

����� (i) Property for which a deduction for Oregon special marital property under ORS 118.016 was previously allowed; or

����� (ii) Property for which a separate Oregon election under section 2056 or 2056A of the Internal Revenue Code was previously allowed; and

����� (b) Reduced by:

����� (A) The value on the date of the decedent�s death of all Oregon special marital property under ORS 118.013;

����� (B) The exemption allowed under ORS 118.145; and

����� (C) Any other applicable exclusions or deductions.

����� (4) The tax imposed under this section shall be calculated by applying the rates in the following table. If the Oregon taxable estate is at least the amount in column 1, but less than the amount in column 2, the tax is the amount in column 3, increased by the excess above the amount in column 1 multiplied by the percentage in column 4:

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����� 1��� ����������� ����������� 2��������� ����������� 3��������� ����������� 4

����� $1,000,000����������� $1,500,000����� $0������� ����������� 10.0%

����� 1,500,000� ����������� 2,500,000������� 50,000 ����������� 10.25%

����� 2,500,000� ����������� 3,500,000������� 152,500���������� 10.5%

����� 3,500,000� ����������� 4,500,000������� 257,500���������� 11.0%

����� 4,500,000� ����������� 5,500,000������� 367,500���������� 11.5%

����� 5,500,000� ����������� 6,500,000������� 482,500���������� 12.0%

����� 6,500,000� ����������� 7,500,000������� 602,500���������� 13.0%

����� 7,500,000� ����������� 8,500,000������� 732,500���������� 14.0%

����� 8,500,000� ����������� 9,500,000������� 872,500���������� 15.0%

����� 9,500,000� ����������������������������������� 1,022,500������� 16.0%

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����� (5)(a) In the case of a resident decedent owning, on the date of the decedent�s death, real property located outside Oregon or tangible personal property located outside Oregon, the tax imposed under this section shall be the amount determined under subsection (4) of this section multiplied by a ratio.

����� (b) The numerator of the ratio:

����� (A) Shall be the sum of the value of the decedent�s real property located in Oregon, tangible personal property located in Oregon and intangible personal property.

����� (B) May not include any intangible personal property subject to a tax imposed, as a result of the death of the decedent, by another state or country.

����� (C) May not include the value of the exemption allowed under ORS 118.145.

����� (c) The denominator of the ratio shall be the total value of the decedent�s gross estate, less the value of the exemption allowed under ORS 118.145.

����� (6) In the case of a nonresident decedent owning, on the date of the decedent�s death, real property located in Oregon or tangible personal property located in Oregon, the tax imposed under this section shall be the amount determined under subsection (4) of this section multiplied by a ratio. The numerator of the ratio shall be the sum of the value of the decedent�s real property located in Oregon and tangible personal property located in Oregon, less the value of the exemption allowed under ORS 118.145. The denominator shall be the total value of the decedent�s gross estate, less the value of the exemption allowed under ORS