Instructions For Form It-1 - Inheritance Tax - 2011 (Page 15 of 19) in pdf

Part 5: Recapitulation

Line 20. Marital Deduction—Schedule M

Oregon allows elections, including but not limited to Section

Lines 1 through 10—Gross Estate: You must make an entry

2056–Bequests to Surviving Spouse. See OAR 150-118.010(7)

on each line 1 through 9.

for details and examples. An Oregon election also applies to

If the gross estate does not contain any assets of the type

a surviving Oregon Registered Domestic Partner.

specified by the separate schedules, enter zero on that line.

If the estate claims a marital deduction or a QTIP deduction,

Entering zero on any lines 1 through 9 is a statement by the

complete and attach an “Oregon-only” Schedule M. Identify

executor, made under penalties of perjury, that the gross

the specific property for the deduction.

estate does not contain any includible assets covered by

An Oregon inheritance tax return for the second spouse to

that line.

die must include any property previously claimed for the

Do not enter any amounts in the “Alternate value” column

QTIP deduction created upon the death of the first spouse.

unless you elected alternate valuation on Elections by the

Include the value of the QTIP deduction as of the date of the

Executor—part 3, line 1.

second spouse’s death, per Section 2044.

Which schedules to attach for lines 1 through 9. You must

Line 22. QFOBI—Schedule T

attach:

The qualified family-owned business interest (QFOBI) deduc-

• Schedules A, B, and C if the gross estate includes any real

tion was repealed by federal law for the estates of decedents

estate; stocks and bonds; or mortgages, notes, and cash,

who died after December 31, 2003. However, Oregon is tied to

respectively.

federal law in effect as of December 31, 2000. You may claim

• Schedule D if the gross estate includes any life insurance

a QFOBI for Oregon only by using Schedule T. This schedule

or if you answered “Yes” to General information—part 4,

is available on our website at

question 6a.

• Schedule E if the gross estate contains any jointly owned

Part 6: Signatures

property or if you answered “Yes” to General informa-

tion—part 4, question 7.

Executors’ signatures and SSNs

• Schedule F must be filed with every tax return. Answer its

The executors who file the return must sign the tax return

questions, even if you report no assets on it.

under penalties of perjury, per ORS 118.990. If there are other

• Schedule G if the decedent made any of the lifetime trans-

executors, list their names, titles (personal representative,

fers to be listed on that schedule or if you answered “Yes”

trustee, etc.), addresses, telephone numbers, and SSNs on an

to General information—part 4, question 9 or 10a.

attached sheet. Notify us in writing of a change of address

• Schedule H if you answered “Yes” to part 4, question 11.

or telephone numbers for the executor(s) or authorized

• Schedule I if you answered “Yes” to part 4, question 13.

representative.

Line 11. Conservation easement exclusion

ORS 305.100 and Section 405, Title 42, of the United States

Code, authorizes requests for SSNs. You must provide this

You must complete and attach Schedule U (along with any

information. It will be used to establish both the decedent’s

required attachments) to claim the exclusion on this line.

and executors’ identities.

Lines 13 through 22. Deductions

Authorization

You must attach schedules J, K, L, M, O, and T, as applicable,

If you want to authorize the preparer to be able to talk to us,

for the deductions you claim.

you may check the box located between the signature lines

for the executor(s) and the preparer. If you want to authorize

Line 17

a person other than the preparer, please attach a signed

If line 16 is less than or equal to the value (at the time of the

Oregon Tax Information Authorization and Power of Attorney for

decedent’s death) of the property subject to claims, enter the

Representation (POA) form, found at

amount from line 16 on line 17.

Notify us of a change of address or telephone numbers for

If the amount on line 16 is more than the value of the prop-

the executor(s) or authorized representative using the Oregon

erty subject to claims, enter the greater of (a) the value of the

Change of Address/Name form at

property subject to claims, or (b) the amount actually paid

at the time the return is filed.

Preparer’s information

Do not enter more on line 17, than the amount on line

If someone other than the executor prepares the return,

16. See Section 2053 and the related regulations for more

that name, title, telephone number, and address must be

information.

provided.

150-103-001 (Rev. 08-11)

Instructions For Form It-1 - Inheritance Tax - 2011 Page 15

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