Idaho Code 15-3-1304 – Statutory Apportionment of Estate Taxes
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To the extent that apportionment of an estate tax is not controlled by an instrument described in section 15-3-1303, Idaho Code, and except as otherwise provided in sections 15-3-1306 and 15-3-1307, Idaho Code, the following rules apply:
(1) Subject to subsections (2), (3) and (4) of this section, the estate tax is apportioned ratably to each person that has an interest in the apportionable estate.
Terms Used In Idaho Code 15-3-1304
- Apportionable estate: means the value of the gross estate as finally determined for purposes of the estate tax to be apportioned reduced by:
Idaho Code 15-3-1302Decedent: A deceased person. Estate tax: means a federal, state, or foreign tax, however denominated, imposed because of the death of an individual and interest and penalties associated with the tax. See Idaho Code 15-3-1302 Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration. Gross estate: means , with respect to an estate tax, all interests in property subject to the tax. See Idaho Code 15-3-1302 person: includes a corporation as well as a natural person;
Idaho Code 73-114Property: includes both real and personal property. See Idaho Code 73-114 Time-limited interest: means an interest in property which terminates on a lapse of time or on the occurrence or nonoccurrence of an event or which is subject to the exercise of discretion that could transfer a beneficial interest to another person. See Idaho Code 15-3-1302
(2) A generation-skipping transfer tax incurred on a direct skip taking effect at death is charged to the person to whom the interest in property is transferred.
(3) If property is included in the decedent‘s gross estate because of section 2044 of the Internal Revenue Code of 1986 or any similar estate tax provision, the difference between the total estate tax for which the decedent’s estate is liable and the amount of estate tax for which the decedent’s estate would have been liable if the property had not been included in the decedent’s gross estate is apportioned ratably among the holders of interests in the property. The balance of the tax, if any, is apportioned ratably to each other person having an interest in the apportionable estate.
(4) Except as otherwise provided in section 15-3-1303(b)(4), Idaho Code, and except as to property to which section 15-3-1307, Idaho Code applies, an estate tax apportioned to persons holding interests in property subject to a time-limited interest must be apportioned, without further apportionment, to the principal of that property.