Oregon Statutes 116.303 – Definitions for ORS 116.303 to 116.383
As used in ORS § 116.303 to 116.383:
Terms Used In Oregon Statutes 116.303
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- 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.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Estate’ means the gross estate of a decedent as determined for the purpose of federal estate tax and the estate tax payable to this state under ORS § 118.005 to 118.540.
(2) ‘Person’ means any individual, partnership, association, joint stock company, corporation, government, political subdivision, governmental agency or local governmental agency.
(3) ‘Person interested in the estate’ means any person entitled to receive, or who has received, from a decedent or by reason of the death of a decedent any property or interest therein included in the decedent’s estate. It includes a personal representative, guardian, conservator or trustee.
(4) ‘State’ means any state, territory or possession of the United States, the District of Columbia or the Commonwealth of Puerto Rico.
(5) ‘Tax’ means the federal estate tax and the estate tax payable to this state under ORS § 118.005 to 118.540, and interest and penalties imposed in addition to the tax. [1969 c.591 § 194; 1977 c.666 § 32; 2011 c.526 § 21]
[Repealed by 1969 c.591 § 305]
[Repealed by 1969 c.591 § 305]