Form It-1 And Instructions - Inheritance Tax

If the estate has assets that are taxable in another state, an

— If you enter zero on any item of Part 5—Recapitulation,

apportionment will be figured on line 16.

then you do not need to file the schedule (except for

Schedule F).

— If you claim an exclusion on item 11 of Part 5—Recapitu-

Rounding off to whole dollars

lation, then complete and attach Schedule U.

Please enter amounts on the return and accompanying

— If you claim any deductions on items 13 through 23 of

schedules as whole dollars only.

Part 5—Recapitulation, then complete and attach the ap-

propriate schedules to support the claimed deductions.

Late filing penalty

— If there is not enough space on a schedule to list all the

items, then attach a Continuation Schedule.

A late filing penalty of 5 percent of the tax may be imposed

if the return is not filed by the due date, including any ex-

• Form IT-1 has 3 pages.

tension. If you file more than three months after the due date

• When you complete the return, staple all the required

or the extended filing date, add an additional penalty of 20

pages together in the proper order.

percent.

• Number the items you list on each schedule, beginning

with the number “1” each time.

Late payment penalty

• Total the items listed on each schedule and its attachments,

Continuation Schedules, etc.

A delinquency penalty of 5 percent of the tax may be im-

• Enter the total of all attachments, Continuation Schedules,

posed if the tax is not received by the due date, or by the

etc., at the bottom of each printed schedule, but do not

extended payment date.

carry the totals forward from one schedule to the next.

• Enter the total for each schedule on Part 5—Recapitulation,

Interest

page 3, Form IT-1.

• Do not complete the “Alternate valuation date” or “Alter-

Interest is charged on tax not paid within nine months of the

nate value” columns of any schedule unless you elected

date of death. Interest will accrue during the extension pe-

alternate valuation on line 1 of Part 3—Elections by the

riod. The interest rate may change once a calendar year. If

executor.

the tax is not paid within 60 days of our bill, the interest rate

increases by 4 percent per year.

Instructions for Part 1: Decedent and

Interest period

Annual

Monthly

Daily

executor information

(page 1 of Form IT-1)

January 1, 2004

0.5000% 0.0164%

January 1, 2005

0.4167% 0.0137%

Decedent’s name and Social Security number (SSN)

Obtaining Oregon forms and publications using a

Enter the decedent’s name and the SSN assigned specifically

personal computer

to the decedent. You cannot use the SSN assigned to the

You may access the Oregon Department of Revenue’s Inter-

decedent’s spouse. If the decedent did not have a SSN, the

net Web site anytime at to do the

executor should obtain one for the decedent by filing Form

following:

SS-5, Application for Social Security Card, with a local Social

Security Administration office.

• Download current forms, instructions, and publications.

• Request help via e-mail.

Decedent’s domicile

• Download prior year forms and instructions.

• Form IT-1 may be filled in online and printed out for sub-

Domicile is the place where the decedent had his fixed, per-

mission and recordkeeping.

manent, principal home. The decedent had only one domi-

cile, though he may have had multiple residences.

Federal forms and publications

Name and address of executor

Federal forms and publications are available on the IRS web

site at , or by calling 1-800-829-3676.

If there is more than one executor, please enter the name and

the address of the executor to be contacted by the depart-

Specific instructions

ment. List the other executors’ names, addresses, telephone

numbers, and SSNs on an attached sheet. Please notify us

You must file the first three pages of Form IT-1 and attach

of a change of address or telephone numbers for the

Form 706 and schedules, if you filed with federal. If you are

executor(s) or authorized representative.

not required to file with federal, you must file the first three

pages of Form IT-1, all supporting federal schedules, A

through I, as appropriate, to support the entries in items 1

through 9 of Part 5—Recapitulation.

Visit our Web site at .

Form It-1 And Instructions - Inheritance Tax - 2004 Page 3

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