§ 44-40-3 - Tax imposed – Amount – Property in another state. - Rhode-island Statutes

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SECTION 44-40-3

§ 44-40-3 Tax imposed – Amount –Property in another state. – (a) A tax is imposed upon every generation-skipping transfer in an amount equalto the amount allowable as a credit for state legacy taxes under 26 U.S.C.§ 2604.

(b) If any of the property transferred is real property inanother state or personal property having taxable situs in another state whichrequires the payment of a tax for which credit is received against the federalgeneration-skipping transfer tax, any tax due pursuant to subsection (a) ofthis section shall be reduced by an amount which bears the same ratio to thetotal state tax credit allowable for federal generation-skipping transfer taxpurposes as the value of the property taxable in the other state bears to thevalue of the gross generation-skipping transfer for federal generation-skippingtransfer tax purposes.

State Codes and Statutes

Statutes > Rhode-island > Title-44 > Chapter-44-40 > 44-40-3

SECTION 44-40-3

§ 44-40-3 Tax imposed – Amount –Property in another state. – (a) A tax is imposed upon every generation-skipping transfer in an amount equalto the amount allowable as a credit for state legacy taxes under 26 U.S.C.§ 2604.

(b) If any of the property transferred is real property inanother state or personal property having taxable situs in another state whichrequires the payment of a tax for which credit is received against the federalgeneration-skipping transfer tax, any tax due pursuant to subsection (a) ofthis section shall be reduced by an amount which bears the same ratio to thetotal state tax credit allowable for federal generation-skipping transfer taxpurposes as the value of the property taxable in the other state bears to thevalue of the gross generation-skipping transfer for federal generation-skippingtransfer tax purposes.

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Statutes > Rhode-island > Title-44 > Chapter-44-40 > 44-40-3

SECTION 44-40-3

§ 44-40-3 Tax imposed – Amount –Property in another state. – (a) A tax is imposed upon every generation-skipping transfer in an amount equalto the amount allowable as a credit for state legacy taxes under 26 U.S.C.§ 2604.

(b) If any of the property transferred is real property inanother state or personal property having taxable situs in another state whichrequires the payment of a tax for which credit is received against the federalgeneration-skipping transfer tax, any tax due pursuant to subsection (a) ofthis section shall be reduced by an amount which bears the same ratio to thetotal state tax credit allowable for federal generation-skipping transfer taxpurposes as the value of the property taxable in the other state bears to thevalue of the gross generation-skipping transfer for federal generation-skippingtransfer tax purposes.