Instructions For Form It-1 - Inheritance Tax - 2011 Page 6
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19Line 12. Adjustment to unified credit (applicable
Line 11. Maximum unified credit (applicable
credit amount)
credit amount)
If the decedent made gifts (including gifts made by the
The applicable unified credit amount for Oregon is $345,800
decedent’s spouse and treated as made by the decedent by
for estates of decedents who died on or after January 1, 2006.
reason of gift splitting) after September 8, 1976, and before
The amount of the credit cannot exceed the amount of estate
January 1, 1977, for which the decedent claimed a specific
exemption, the unified credit (applicable credit amount) on
tax imposed.
this estate tax return must be reduced. The reduction is 20
Important: If the estate is claiming a qualified family-owned
percent of the specific exemption claimed for these gifts, not
to exceed $6,000.
business interest deduction (QFOBI) on Schedule T, the sum of
the QFOBI deduction and the applicable exclusion amount cannot
Note: (The specific exemption was allowed by Section 2521 for
gifts made before January 1, 1977.)
exceed $1.3 million.
If the decedent did not make any gifts between September
Example 1: If the maximum QFOBI deduction of $675,000
8, 1976, and January 1, 1977, or if the decedent made gifts
is claimed, the applicable exclusion amount would be limited to
during that period but did not claim the specific exemption,
$625,000, and the credit entered on line 11 would be $202,050.
enter -0-.
Example 2: If the amount of the QFOBI deduction is less than
Line 15. Oregon inheritance tax—Table B
$675,000, increase the applicable exclusion amount by the differ-
You must use Table B in this booklet to compute the Oregon
ence between $675,000 and the amount of the QFOBI deduction
inheritance tax. The federal estate law has changed the
(but not to exceed the maximum applicable exclusion amount in
calculation of the taxable estate on Form 706 for 2005 and
after. Because Oregon is tied to the 2000 federal estate law,
effect for the year of death).
Table A—Unified rate schedule for tentative tax
Table B—Computation of maximum Oregon
inheritence tax
(per federal law as of December 31,
(per federal law as of December 31, 2000) Line 6
2000) Line 15a
Column A
Column B
Column C
Column D
Taxable estate (Form IT-1, Part 2, line 3) less $60,000 =
Rate of tax
(adjusted taxable estate—for columns 1 and 2 below)
on excess
Column 1
Column 2
Column 3
Column 4
Part 2, line
Part 2, line 5
Tax on
over amount
5 taxable
taxable amount
amount in
in column A
Adjusted
Adjusted
Rate of tax on
taxable estate
taxable
Tax on
excess over
amount over
not over
column A
(percent)
equal to or
estate less
amount in
amount in col-
0
$10,000
0
18
more than
than
column 1
umn 1 (percent)
$10,000
20,000
$1,800
20
0
$40,000
0
None
20,000
40,000
3,800
22
$40,000
90,000
0
0.8
40,000
60,000
8,200
24
90,000
140,000
$400
1.6
60,000
80,000
13,000
26
140,000
240,000
1,200
2.4
80,000
100,000
18,200
28
240,000
440,000
3,600
3.2
100,000
150,000
23,800
30
440,000
640,000
10,000
4.0
150,000
250,000
38,800
32
640,000
840,000
18,000
4.8
250,000
500,000
70,800
34
840,000
1,040,000
27,600
5.6
500,000
750,000
155,800
37
1,040,000
1,540,000
38,800
6.4
750,000
1,000,000
248,300
39
1,540,000
2,040,000
70,800
7.2
1,000,000
1,250,000
345,800
41
2,040,000
2,540,000
106,800
8.0
1,250,000
1,500,000
448,300
43
2,540,000
3,040,000
146,800
8.8
1,500,000
2,000,000
555,800
45
3,040,000
3,540,000
190,800
9.6
2,000,000
2,500,000
780,800
49
3,540,000
4,040,000
238,800
10.4
2,500,000
3,000,000
1,025,800
53
4,040,000
5,040,000
290,800
11.2
3,000,000
—
1,290,800
55
5,040,000
6,040,000
402,800
12.0
6,040,000
7,040,000
522,800
12.8
7,040,000
8,040,000
650,800
13.6
8,040,000
9,040,000
786,800
14.4
9,040,000
10,040,000
930,800
15.2
10,040,000
—
1,082,800
16.0
6
150-103-001 (Rev. 08-11)
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