derived from any Federal bonus, pension, compensation, disability allowance, or any other form of gratuity paid by the Government to a veteran or to any of his dependents. (962) Same. (f) To the extent of the interest of the decedent, who at the time of death was a nonresident of this State, in any intangible personal property used in connection with any established business, or having a business situs in this State, or held in trust by a trustee or agent domiciled in this State, for the purpose of reinvestment or deposit, or used in carrying out an express trust administered in this State and over which decedent, at the time of his death, could not exercise the power of disposition, except by the consent of such trustee, or by will, or which is so deposited and used in this State that the situs and use was, or might have been, claimed to evade taxation in any other State or Territory; but none of the money exempted under (e) above is subject to tax by reason hereof. Additional tax to absorb Federal credit. In the event the tax imposed by this act does not equal 80 percent of the amount imposed by the Federal estate tax act, then an additional tax is imposed by this act equal to the difference between the total tax imposed hereunder and 80 percent of the tax imposed under said Federal act. The purpose of this provision is to absorb the full amount of the credit allowable under said Federal act. (966) 2 (962) Deductions allowed.-For the purpose of determining the net estate and transfers, the deductions allowed, without the conditions and limitations attached thereto, are as follows: Debts of the decedent, taxes on real property within this State which were a lien at date of decedent's death, and taxes on the personal property which were a personal obligation of decedent during his lifetime, or a lien upon such personal property at date of death; State and Federal income taxes on income of decedent to date of his death, and unpaid Federal gift taxes on gifts made by decedent; death duties, estate or inheritance taxes paid or payable to foreign countries, or other States or Territories, on intangible personal property included in the gross estate of the decedent, but not Federal estate taxes upon decedent's estate; special assessments; funeral expenses and expenses of last illness, and amount actually expended for monument or marker not exceeding $500; widow or family allowance, not exceeding $3,600; commissions of executors or administrators; and costs of administration, including attorney's fees. (963) Exemptions. Any portion of the net estate in excess of the deductions allowed which passes to the father, mother, wife, husband, child, or adopted child, or any lineal descendant of decedent, or of such adopted child, to the extent of not exceeding $15,000, is exempt from this tax; as are also all transfers made to or for the use of any charitable, educational, or religious institution incorporated or operating under the laws of this State, or to or for the use of the education, support, and relief of the poor, indigent, blind, or crippled of this State. (963, 964) Classification of beneficiaries.-All beneficiaries under this act are in one class and are taxed at the same rates. (965) Rates of tax. The rates of tax upon the net estates and transfers are as follows: (965) The provisions of law relating to this tax are shown on p. 7. Filing returns.-Executors, administrators, trustees, and others are required to file returns with the State tax commission within 9 months of the death of a decedent, unless the time for filing has been extended. (974) Payment of tax; interest.—The tax imposed by this act accrues at the time of the transfer and is due and payable to the State tax commission 12 months after the date of death of the decedent; if not paid when due, interest is charged at the rate of 1 percent per month. The commission may accept partial payments according to rules and regulations thereof. In the event the full amount of taxes cannot be determined, interest on such undetermined amount is charged at the rate of 6 percent per annum. (967) Tax lien. The tax levied under this act remains a lien upon all property transferred until paid, and all transferees, executors, administrators, and trustees of every estate so transferred are personally liable for such tax until its payment to the extent of the value of such property at the time such tax became due. (969) Disposition of proceeds.-Ninety-five percent of all revenue derived from this tax is credited to the general revenue fund of the State to be used for the support of governmental functions; 5 percent is used by the State tax commission in paying enforcement and collection expenses. (984) Administration of act. The provisions of this act are administered by the State tax commission. (982) Source of information.-Chapter 22, Title 68, Oklahoma Statutes Annotated, 1937. OREGON INHERITANCE AND GIFT TAXES Inheritance Tax Tax imposed. All property within the jurisdiction of this State, and any interest therein, whether belonging to inhabitants of this State or not, and which passes as hereinafter specified, is subject to an inheritance tax. (10-601) Transfers taxable. This tax applies to all property, tangible or intangible, which passes or vests by dower, courtesy, will, or by statutes of inheritance of this or any other State, or by deed, grant, bargain, sale, or gift, or as an advancement or division of an estate made in contemplation of the death of the grantor or bargainor, or intended to take effect in possession or enjoyment after the death of the grantor, bargainor, or donor, to any person or persons, or to any body politic or corporate, in trust or otherwise, or by reason whereof any such person or body becomes beneficially entitled, in possession or expectation, to any property or income thereof. Whenever any property, real or personal, other than real property held by the entirety, is held in the joint names of two or more persons and payable to either or the survivor, upon the death of one of such persons, the right of the surviving joint tenant or tenants is deemed a taxable transfer under these provisions, in the same manner as though the whole of such property belonged absolutely to the deceased joint tenant or joint depositor and had been devised or bequeathed to the survivor by will, excepting such parts as originally belonged to the survivor, and not acquired from the decedent for less than a fair consideration, but if acquired otherwise, then there is excepted from the value of the property a portion equal to the amount of the consideration so furnished. (10-601) Same. Whenever a decedent makes a bequest or devise to executors or trustees in lieu of their commissions, which bequest or devise would otherwise be liable to this tax, or appoints them his residuary legatees, and said bequests, devises, or residuary legacies exceed what would be a reasonable compensation for their services, such excess is liable for this tax. (10-620) Deductions allowed. In ascertaining the net value of estates for the purpose of computing this tax, the following deductions may be made from the gross value of the taxable estate: Claims allowed against the estate owing at the time of death and mortgages or other liens owing at that time upon property the value of which is included in the gross estate; funeral expenses, and not exceeding $500 for a monument; State, county, and municipal taxes which were a lien against the property of the estate at the date of death; income or gift taxes of the United States or this State owing at date of death, but not Federal estate taxes; expenses of administration, including fees of executors and administrators and their attorneys; allowances not in excess of $3,000 made and paid during the settlement of an estate for the support of the widow and minor children; and the value of any property set apart to the surviving spouse or minor children, with not exceeding $3,000 so set apart for a homestead. (10-603a) Same. There is allowed also as a deduction an amount equal to the value of any property received by the decedent within 1 year prior to his death by inheritance, devise, or bequest, where such property can be identified as having been so received, and where the tax on such property has, within 1 year, been imposed and accrued in this State and subsequently paid. This deduction is allowed only in the amount of the value of the property as fixed and allowed as the basis of the tax in the estate of the prior decedent, and only as to taxes paid to this State. (10-604) Exemptions. Devises, bequests, legacies, and gifts to benevolent, charitable, or educational institutions, societies, associations, or corporations organized or existing within this State, to be used for the said objects and purposes, or to a corporation, association, or society to be organized for such purposes under the laws of this State, provided such devise, bequest, legacy, or gift is limited by the donor for use within the United States, are exempt from this tax; and exempt also are proceeds of policies and contracts of life insurance taken out on the life of the decedent and payable to a beneficiary or beneficiaries other than the estate or the executor or administrator of the estate of the deceased insured, but this does not apply to an investment policy issued by a life insurance company which does not include in the policy the element of life insurance. Individual beneficiaries are allowed the following exemptions: Class A, $10,000; class B, $1,000; class C, $500. (10-601, 10-603) Classification of beneficiaries.-The beneficiaries under this act are classified as follows: Class A: Grandfather, grandmother, father, mother, husband, wife, child, stepchild, or any lineal descendant, of decedent. Class B: Brother, sister, uncle, aunt, niece, nephew, or any lineal descendant of the same. Class C: All other persons and bodies politic or corporate. (10-603) Rates of tax.- -The rates of tax are applied to the entire net estate remaining after allowance of the deductions hereinabove specified, and the tax thus computed is apportioned to each distributive share of the estate in the ratio which each distributive share bears to the net estate. The rates payable by the several classes of beneficiaries are as follows: (10–603, 10–603b) AMOUNTS TAXABLE Over $500 to $1,000.. Over $25,000 to $50,000 Over $30,000 to $50,000. Over $50,000 to $75,000. Over $75,000 to $100,000- Over $100,000 to $300,000. Over $500,000 to $1,000,000- Payment of tax; discount; interest.-This tax accrues upon the death of the decedent or donor, and is payable to the State treasurer at the expiration of 8 months from such death, except when the full and true value cannot be ascertained at or before the time when the tax becomes payable, in which event the tax is due when the beneficiary comes into actual possession or enjoyment of the property transferred. If this tax is paid within said 8 months, a discount of 5 percent is allowed; if not paid within such time, interest is charged at the rate of 8 percent per annum from the due date to date of payment, unless the amount cannot be determined, in which case interest is charged at the rate of 6 percent per annum from the accrual until the cause of delay is removed, after which 8 percent is charged. (10-606, 10-607, 10-608, 10–610) Securing payment of taxes due other States.-Provisions exist in this law requiring executors and administrators to file proof, within 18 months after qualification, that all death taxes, interest, and penalties due the State of domicile of a nonresident decedent have been paid or secured, unless letters testamentary or administration have been issued on the estate of such decedent in the State of his domicile. These provisions are applicable only in the event the laws of said State of domicile contain a provision whereby the payment of similar taxes, interest, and penalties due this State is reasonably assured. (10-701, 10-704) Tax lien.-Every tax imposed by this act is a lien upon the property embraced in any inheritance, devise, bequest, legacy or gift, until paid, and the person to whom such property is transferred, and the administrators, executors, and trustees of every estate embracing such property are personally liable for such tax until its payment, to the extent of the value of such property. (10-609) Disposition of proceeds. The proceeds of this tax are paid into the inheritance tax fund of the State; but whenever the amount in this fund exceeds $10,000, all in excess of $5,000 is transferred to the general fund of the State. (10-608) Administration of act.-The State treasurer administers and enforces the provisions of this act. (10-648) Sources of information.-Title 10, Chapter 6, Oregon Code Annotated, 1930; Supplement of 1935. Gift Tax A gift tax is imposed upon the transfer of property by gift during any calendar year by any individual resident or nonresident, whether the transfer is in trust or otherwise, whether the gift is direct or indirect, and whether the property is real or personal, tangible or intangible. As to residents of this State, the tax applies to transfers by gift of any property whatsoever, excepting only property, real or personal, permanently located outside this State; but in the case of a nonresident, it applies to a transfer if the property is situated within this State only. This tax does not apply to transfers of property subject to an inheritance tax; but the relinquishment or termination (other than by the donor's death) of any power to revest in the donor property heretofore transferred by him, is considered to be a transfer by the donor by gift of the property subject to such power, and any payment of the income therefrom to a beneficiary, other than the |