Form It-1 And Instructions - Inheritance Tax - 2004 printable pdf download

Oregon 2004

Form IT-1 and Instructions

Inheritance Tax

This publication is a guide, not a complete statement, of Oregon Revised Statutes (ORS) and Oregon Department of Revenue

Administrative Rules (OAR). For more information, refer to the laws and rules on our Web site,

Purpose of Form IT-1

New information

The executor of a decedent’s estate uses Form IT-1 to figure

The 2003 Oregon Legislature passed House Bill (HB) 3072.

the estate tax imposed by ORS Chapter 118. This tax is lev-

This bill adopts the federal inheritance tax changes included

ied on the entire taxable estate, not just on the share received

in the Taxpayer Relief Act of 1997 (TRA 97). Oregon inherit-

by a particular beneficiary. If the estate has assets outside of

ance taxes will be determined under the Internal Revenue

Oregon, the tax will be prorated on Part 2, line 16.

Code in effect December 31, 2000. Although Oregon no

longer has a gift tax, prior gifts may affect the Oregon inher-

Filing requirements

itance tax, because we are tied to the federal law as it existed

in 2000.

An Oregon Inheritance Tax Return (Form IT-1) must be filed

if the value of the gross estate is $850,000 or more. You must

Oregon has not adopted the federal inheritance tax changes

complete and attach a copy of the federal schedules for Form

in the Economic Growth and Tax Reconciliation Act of 2001

706 to your Oregon Form IT-1, even if you are not required

(EGTRRA 2001).

to file a federal estate tax return.

The Oregon inheritance tax return filing requirement no

longer follows the federal estate tax return filing require-

Gross estate

ment. An Oregon Inheritance Tax Return (Form IT-1) is re-

The gross estate of the decedent is the true cash value of all

quired for 2004 dates of death, if the value of the gross estate

real and personal property, tangible or intangible, as of the

is $850,000 or more.

date of death, wherever situated.

Please check the box if you have filed Form 706 with the

Internal Revenue Service. If you have filed with the IRS,

Executor

attach the Form 706, schedules, and supporting documents.

According to ORS 118.005, the definition of “Executor” is the

If you have no filing requirement with the IRS, you must

executor, administrator, personal representative, fiduciary, or

complete Form IT-1 and attach the schedules from the fed-

custodian of property of the decedent. For probate estates,

eral Form 706. Oregon requires the same forms, schedules,

the personal representative appointed or approved by the

and supporting information (such as photocopy of death cer-

court has the duty to file the return. For non-probate estates,

tificate, Form 712, will, trust, appraisals, etc.) as would have

any person having actual or constructive possession of the

been required, had the estate been required to file by fed-

property of the decedent is responsible for filing the return.

eral law.

If two or more persons are liable for filing return, they should

A separate election (such as alternate valuation or the mari-

all join together in filing one complete return. However, if

tal deduction) may be claimed for Oregon purposes. If a

they are unable to join in making one complete return, each

separate Oregon election is made, you must attach a sched-

is required to file a return disclosing all the information the

ule to explain the figures you used and mark the appropri-

person has in the case, including the name of every person

ate box on Form IT-1. To refer to OAR 150-118.010(7), the rule

holding an interest in the property and a full description of

allowing separate elections, you may select Statutes/Rules

on our Web site at

Contents

An Oregon payment voucher is now available. Please use

New information ............................................................ 1

Form IT-V to make a tax payment to Oregon by the return

due date, if you have an extension. It should also accompany

Instructions for Part 1: Decedent and

the payment with the original or amended returns. A copy

executor information ................................................... 3

Instructions for Part 2: Tax computation .................... 4

is located on the last page of the Form IT-1, for your conve-

nience. This form can also be obtained on our Web site or

Instructions for Part 3: Elections by the executor ...... 7

you may contact us to have it mailed to you. To contact us,

Instructions for Part 4: General information ............ 12

Instructions for Part 5: Recapitulation ...................... 13

see “Taxpayer assistance.”

Instructions for Part 6 .................................................. 14

Please note:

Taxpayer assistance ..................................................... 14

Form IT-1 ....................................................................... 15

• Section references are to the Internal Revenue Code as it

Form IT-V ...................................................................... 18

existed on December 31, 2000.

• Use the 2004 Form IT-1 only for deaths occurring in 2004.

150-103-001 (Rev. 9-04)

Form It-1 And Instructions - Inheritance Tax - 2004

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