A tax is imposed on the transfer of the taxable estate located in this state of every nonresident.
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Terms Used In Utah Code 59-11-104
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.
Federal credit: means the maximum amount of the credit for state death taxes allowed by Section 2011 in respect to a decedent's taxable estate. See Utah Code 59-11-102
Nonresident: means a decedent who was domiciled outside of this state at the time of death. See Utah Code 59-11-102
Other state: means any state in the United States other than this state, the District of Columbia, or any possession or territory of the United States. See Utah Code 59-11-102
Resident: means a decedent who was domiciled in this state at the time of death. See Utah Code 59-11-102
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Taxable estate: means "taxable estate" as defined in Section 2051, Internal Revenue Code. See Utah Code 59-11-102
Transfer: means "transfer" as described in Section 2001, Internal Revenue Code. See Utah Code 59-11-102
(2)
The tax is the amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property located in this state and the denominator of which is the value of the decedent‘s gross estate.
(3)
The property located in this state of a nonresident includes:
(a)
real property and real property interests located in this state including mineral interests, royalties, production payments, leasehold interests, or working interests in oil, gas, or any other minerals;
(b)
tangible personal property having actual situs in this state, including money;
(c)
intangible personal property having a trade or business situs in this state, including deposits in banks, negotiable instruments, debts, receivables, shares of stock, bonds, notes, evidences of an interest in property, evidences of debt, and choses in action; and
(d)
the securities of any corporation or other entity organized under the laws of this state.
(4)
The transfer of the property described in Subsections (3)(c) and (3)(d) is exempt from the tax imposed by this section to the extent that the same types of property of a resident are exempt from death taxes of the other state where the nonresident resides.
Renumbered and Amended by Chapter 2, 1987 General Session
