Taxation of Estates and Inheritances Under Federal and State Laws: Brief Summaries of the More Important Features; Tables of Rates and Exemptions (Classic Reprint) - Hardcover

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Excerpt from Taxation of Estates and Inheritances Under Federal and State Laws: Brief Summaries of the More Important Features; Tables of Rates and Exemptions

Some States go even so far as to claim a tax where a non-resident decedent held stock in a foreign corporation which has property within the State. In such cases, however, as in the case of non-registered bonds, it is difficult, if not practically impossible, for a State to enforce its claim. Some States tax securities of foreign corporations, belonging to non-resident decedents, if the certificates or evidences of obligation are physically located within the State.

Wherever a tax is imposed on the transfer of property under a will or under the intestacy laws, the same tax is usually imposed on gifts mortis causa, that is, on gifts made during life but to take effect at death.

In the following pages we present a summary of the rates and such other information as may be required to obtain a clear understanding of the relative positions of the various States, as well as the Federal Government, in respect to the burdens they impose upon decedents' estates. The Federal Tax is an estate tax, that is, it is levied upon the estate as a whole. The States generally impose inheritance taxes, or as they are sometimes called, succession taxes, which are levied upon each individual's share of the estate.

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