About the Pennsylvania Inheritance Tax Show Inheritance tax returns are due nine calendar months after a person’s death. The responsible party is the person named in the will as executor or, if the person dies without a will, the individual who is approved as administrator by the register of wills after a petition is filed. If no executor or administrator is named, and property or transfers exist, then the person receiving the property is required to file a return and pay the tax. Inheritance Tax Rates for a Surviving Spouse
Property Subject to Inheritance Tax In the case of a nonresident decedent, all real property and tangible personal property located in Pennsylvania at the time of the decedent’s death is taxable. Intangible personal property of a nonresident decedent is not taxable. Jointly owned property with right of survivorship, except between husband and wife, including but not limited to real estate, securities, bank accounts, etc., is taxable to the extent of the decedent’s fractional interest in the joint property (calculated by dividing the value of the joint property by the number of joint owners at the time of the decedent’s death). Joint property is taxable even though the decedent’s name was added as a matter of convenience. Further, if the decedent created the joint interest in the property within a year of his/her death, the full value of the property is taxable in the decedent’s estate. Filing the Inheritance Tax Return If the decedent was a not a resident of the Commonwealth of Pennsylvania and had property located within Pennsylvania, the inheritance tax return along with any payments due shall not be filed with the register of wills, but with the nonresident tax unit of the Pennsylvania Department of Revenue, Attention: John Reidman. For additional information, call (717) 787-8327 or write to the Inheritance Tax Division at: The Pennsylvania Department of Revenue is striving to serve you better by offering a variety of ways to get information. Call or visit the department’s district office nearest you, which is listed in the blue pages of your telephone directory. Wholly Amended by Act No. 5193, Dec. 30, 1996 Amended by Act No. 5493, Dec. 31, 1997 Act No. 5498, Jan. 8, 1998 Act No. 5582, Dec. 28, 1998 Act No. 6048, Dec. 28, 1999 Act No. 6124, Jan. 12, 2000 Act No. 6301, Dec. 29, 2000 Act No. 6780, Dec. 18, 2002 Act No. 7010, Dec. 30, 2003 Act No. 7335, Jan. 14, 2005 Act No. 7580, Jul. 13, 2005 Act No. 8139, Dec. 30,
2006 Act No. 8347, Apr. 11, 2007 Act No. 8346, Apr. 11, 2007 Act No. 8435, May 17, 2007 Act No. 8828, Dec. 31, 2007 Act No. 8863, Feb. 29, 2008 Act No. 8852, Feb. 29, 2008 Act No. 9269, Dec. 26, 2008 Act No. 9916, Jan. 1, 2010 Act No. 9924, Jan. 1, 2010 Act No. 10000, Feb. 4, 2010 Act No. 10305, May 20, 2010 Act No. 10361, jun. 8, 2010 CHAPTER I GENERAL
PROVISIONS Article 1 (Inheritance Tax Taxables)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 2 (Gift Tax Taxables)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 3 (Who is Liable for Inheritance Tax)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 4 (Who is Liable for Gift Tax)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 5 (Location of Inherited Property, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 6 (Jurisdiction to Taxation)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] CHAPTER II ASSESSMENT STANDARD AND CALCULATION OF INHERITANCE TAX SECTION 1 Inherited Property Article 7 (Scope of Inherited Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 8 (Insurance Proceeds Deemed Inherited Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 9 (Trust Property Deemed Inherited Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 10 (Retirement Allowance, etc. Deemed Inherited Property) Retirement grants, allowances, merit pay, pension, or others similar thereto payable to an ancestor that are actually paid due to the death of the ancestor shall be deemed inherited property: Provided, That none of the following shall be deemed inherited property: <Amended by Act No. 10305, May 20, 2010>
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 11 (Non-Taxation of Inheritance Tax on War Dead, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 12 (Non-Taxable Inherited Property) The following property is exempt from inheritance tax: <Amended by Act No. 10361, Jun. 8, 2010>
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 3 Taxable Value of Inherited Property Article 13 (Taxable Value of Inherited Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 14 (Public Imposts, etc. Deducted from Value of Inherited Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 15 (Presumption, etc. of Inheritance to Property Disposed of, etc. Prior to Commencement Date of Inheritance)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 4 Non-Inclusion of Property Contributed for Public Interest in Taxable Value Article 16 (Non-Inclusion of Property Contributed to Public Service Corporation, etc. in Taxable Value of Inheritance)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 17 (Non-Inclusion of Property Trusted for Public Interest in Taxable Value of Inheritance)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 5 Inheritance Deductions Article 18 (Basic Deductions)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 19 (Inheritance Deductions for Surviving Spouse)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 20 (Other Personal Deductions)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 21 (Blanket Deduction)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 22 (Inheritance Deductions of Financial Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 23 (Casualty Loss Deductions)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 23-2 (Inheritance Deduction of House Living Together)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 24 (Cap in Application of Deductions) The ceiling of amounts to be deducted pursuant to Articles 18 through 23 and 23-2 shall be the value minus any of the following values from the taxable value of inherited property:
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 6 Tax Basis and Tax Rates Article 25 (Tax Basis and Minimum Taxables of Inheritance Taxes)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 26 (Inheritance Tax Rates) Inheritance tax shall be the amount (hereinafter referred to as "calculated amount of inheritance tax") calculated by applying the following tax rates to the tax basis of inherited property under Article 25: [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 27 (Premium Taxation on Generation-Skipping Inheritance) Where an heir or legatee is a lineal descent, other than a son or daughter, of the ancestor, an amount equivalent to 30/100 of the amount computed by multiplying the rate of the property the heir or legatee is received or to be received in inherited property (including the donated property that is added to the inherited property under Article 13 and received by the heir or legatee) by the amount of inheritance tax calculated under Article 26: Provided, That the same shall not apply to inheritance by representation under Article 1001 of the Civil Act. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 28 (Gift Tax Credit)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 29 (Foreign Tax Credit) If inheritance tax is levied on any inherited property in a foreign country pursuant to the Acts and subordinate statutes of such foreign country when inheritance tax is to be imposed due to the death of a resident, an amount equivalent to inheritance tax levied shall be deducted from the amount of inheritance tax calculated, as prescribed by Presidential Decree. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 30 (Tax Credit for Short-Term Re-Inheritance)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] CHAPTER III ASSESSMENT STANDARD AND CALCULATION OF GIFT TAX SECTION 1 Donated Property Article 31 (Scope of Donated Property)
SECTION 2 Calculation of Value of Donated Property Article 32 Deleted. <by Act No. 7010, Dec. 30, 2003> Article 33 (Donation of Trust Benefits)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 34 (Donation of Insurance Proceeds)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 35 (Donation, etc. of Profits from Transfer at Low or High Price)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 36 (Donation Following Exemption, etc. from Financial Obligation) Where a person has been exempted from his/her financial obligation from a creditor, or received from a third party an acceptance or performance of financial obligation, the amount equivalent to the profits accruing from such exemption, acceptance, or performance (referring to an amount minus an indemnity, if such indemnity is paid) shall be deemed the value of property donated to a person who has obtained such profits. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 37 (Donation of Profits Following Gratuitous Use of Real Estate)
Article 38 (Donation of Profits Following Merger)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 39 (Donation of Profits Following Increase of Capital)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 39-2 (Donation of Profits Following Decrease of Capital)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 39-3 (Donation of Profits Following Investment in Kind)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 40 (Donation of Profits Following Conversion of Convertible Bonds etc. into Stocks, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 41 (Donation of Profits from Transactions with Specified Corporation)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 41-2 Deleted. <by Act No. 7010, Dec. 30, 2003> Article 41-3 (Donation of Profits from Listing, etc. of Stocks or Investment Shares)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 41-4 (Donation of Profits Following Gratuitous Loan, etc. of Money)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 41-5 (Donations of Profits, Such as Listing, etc. Due to Merger)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 42 (Donations etc. of other Profits)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 43 Deleted. <by Act No. 5582, Dec. 28, 1998> SECTION 2-2 Presumption and Legal Fiction of Donation Article 44 (Presumption of Donation of Property Transferred to Spouse etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 45 (Presumption of Donation of Funds, etc. to Acquire Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 45-2 (Legal Fiction as Donation of Title Trust Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 3 Taxable Value of Donated Property Article 46 (Donated Property Subject to Tax Exemption) Any of the following amounts shall be exempted from gift tax: <Amended by Act No. 10361, Jun. 8, 2010>
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 47 (Taxable Value of Donated Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 4 Non-Inclusion in Taxable Value of Property, etc. Contributed for Public Interest Article 48 (Non-Inclusion, etc. in Taxable Value of Property Contributed to Public Service Corporation, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 49 (Upper Limits of Holding Stocks, etc. by Public Service Corporation, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 50 (Tax Verification of Public Service Corporation, etc. by Outside Experts)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 50-2 (Public Service Corporation's Duty to Open and Use Exclusive Accounts)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 50-3 (Public Service Corporation's Duty to Provide Public Notice on its Statement of Accounts)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 51 (Duty to Prepare and Keep Books and Records)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 52 (Non-Inclusion of Property Trusted for Public Interest in Taxable Value) The value of the property a donor contributes to a public service corporation, etc. through a public interest trust stipulated under Article 65 of the Trust Act for religious, charitable, academic or any other public interest, among the donated property, shall not be included in the taxable value of donated property. In such cases, Article 17 (2) shall apply mutatis mutandis. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 52-2 (Non-Inclusion in Taxable Value of Property Donated to Disabled Person)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010]] SECTION 5 Donation Deductions Article 53 (Donated Property Deductions) Where a resident receives a donation from any of the following persons, an amount stipulated under the following classifications shall be deducted from the taxable value of donated property. In such cases, if the sum of an amount for which a donee has received a deduction within ten years before receiving the relevant donation and an amount deductible from the value of the relevant donation exceeds any of the following amounts, the excess portion is not entitled to deduction:
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 54 (Provisions to be Applied Mutatis Mutandis) Article 23 shall apply mutatis mutandisto deduction of the taxable value of donated property where the donated property is destroyed or damaged due to a disaster. In such cases, in Article 23 (1), the term "when inheritance commences due to the death of a resident" shall be construed as "when property is donated by a third party", the term " Article 67" " Article 68", the term "inherited property" "donated property", the term "taxable value of inherited property" "taxable value of donated property", and in Article 23 (2), the term "heir or legatee" shall be construed as "donee". [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] SECTION 6 Tax Basis and Tax Rate Article 55 (Tax Basis and Minimum Taxables of Gift Tax)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 56 (Gift Tax Rates) Gift tax shall be the amount calculated (hereinafter referred to as "calculated amount of gift tax") by applying the tax rate stipulated under Article 26 to the tax basis under Article 55. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 57 (Premium Taxation on Donation to Lineal Descendants) Where the donee is a lineal descendant who is not an offspring of the donor, an amount equivalent to 30/100 of the calculated amount of gift tax shall be added: Provided, That this shall not apply where, due to the death of a lineal descendant who is the closest relative of the donor, a lineal descendant who is the closest relative of the decedent receives the donation. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 58 (Credit of Amount of Tax Already Paid or to be Paid)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 59 (Deduction of Amount of Tax Paid in Foreign Countries) If gift tax is levied on any donated property in a foreign country pursuant to any Acts and subordinate statutes of such foreign country when a person receives a donation of property from a third person, an amount equivalent to gift tax levied shall be deducted from the calculated amount of gift tax, as prescribed by Presidential Decree. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] CHAPTER IV ASSESSMENT OF PROPERTY Article 60 (Principles, etc. of Assessment)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 61 (Assessment of Real Estate, etc.)
An officially assessed individual land value pursuant to the Public Notice of Values and Appraisal of Real Estates Act (hereinafter referred to as "officially assessed individual land value"): Provided, That in cases of land with no officially assessed individual land value, its value shall be the price assessed by the head of the tax office having jurisdiction over the place for tax payment according to methods prescribed by Presidential Decree, taking into consideration the officially assessed individual land value of those land that is adjacent and similar thereto, while the value of land in areas prescribed by Presidential Decree where the land price is soaring shall be assessed according to a multiplication method; The value calculated and publicly announced by the Commissioner of the National Tax Service at least once a year taking into account the construction costs of a new building (excluding buildings falling under subparagraphs 3 and 4), structures, purposes, location, year of construction, etc. of a building;
With respect to officetels and commercial buildings (including land annexed thereto) to which land annexed is jointly owned and which are under sectional ownership, as prescribed by Presidential Decree taking into account the purpose, area, number, etc. of buildings under sectional ownership: the lump-sum value of the land and building calculated and publicly announced by the Commissioner of the National Tax Service at least once a year taking into account the kinds, scales, transaction circumstances, locations, etc. of the buildings; Individual housing prices or collective housing prices pursuant to the Public Notice of Values and Appraisal of Real Estate Act (referring to prices, if any, determined and publicly notified by the Commissioner of the National Tax Service pursuant to the proviso to Article 17 (1) of the same Act): Provided, That the price of housing with no individual housing price or collective housing price shall be an amount assessed by the Commissioner of the National Tax Service according to methods prescribed by Presidential Decree, taking into account the individual housing prices or collective housing prices of those housing that is adjacent and similar thereto.
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 62 (Assessment of Vessels and other Tangible Assets)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 63 (Assessment of Securities, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 64 (Assessment of Intangible Property Rights, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 65 (Assessment of other Conditional Rights, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 66 (Special Cases on Assessment of Property for which Mortgages, etc. are Created) Notwithstanding Article 60, the value of any of the following property shall be the larger of the value assessed according to the methods prescribed by Presidential Decree based on the amount of claims secured by such property and the value assessed according to Article 60:
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] CHAPTER V REPORTING AND PAYMENT Article 67 (Reporting of Tax Basis of Inherited Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 68 (Reporting of Tax Basis of Donated Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 69 (Deduction of Reported Amount of Tax)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 70 (Voluntary Payment)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 71 (Payment in Annual Installments)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 72 (Additional Dues on Payment in Annual Installments) A person who has obtained permission for payment in annual installments pursuant to Article 71 shall make a payment to which is added an amount stipulated in any of the following subparagraphs to the amount of tax to be paid in each installment:
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 73 (Payment in Kind)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 74 (Deferment of Collection of Inheritance Tax on Cultural Heritage Resources, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 75 (Provisions to be Applied Mutatis Mutandis) Article 74 (1) (excluding subparagraph 1) and (2) through (4) shall apply mutatis mutandisto the deferment of collection of gift tax on cultural heritage resources, etc. In such cases, in Article 74 (1), the term "inherited property" shall be construed as "donated property", the term "amount of inheritance tax" as "amount of gift tax", and in paragraph (2) of the same Article, the term "heir or legatee who has received inheritance" shall be construed as "donee", the term "inheritance tax" as "gift tax", and in paragraph (3) of the same Article, the term "heir or legatee" shall be construed as "donee", the term "where inheritance recommences" as "where inheritance commences", and in paragraphs (3) and (4) of the same Article, the term "amount of inheritance tax" shall be construed as "amount of gift tax", respectively. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] CHAPTER VI DETERMINATION AND CORRECTION Article 76 (Determination and Correction)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 77 (Notification of Determination of Tax Basis and Amount of Tax) The head of the competent tax office, etc. shall notify the heir, legatee, or donee of the tax basis and the amount of tax determined pursuant to Article 76, as prescribed by Presidential Decree. In such cases, if two or more heirs or legatees exist, the head of the competent tax office, etc. may choose to notify only one of them thereof, as prescribed by Presidential Decree, and the validity of such notification shall extend to all heirs and legatees. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 78 (Additional Tax, etc.)
Article 79 (Special Cases on Request for Correction, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] CHAPTER VII SUPPLEMENTARY PROVISIONS Article 80 (Notification of Commencement, etc. of Inheritance)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 81 Deleted. <by Act No. 8828, Dec. 31, 2007> Article 82 (Submission of Payment Records, etc.)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 83 (General Inquiry about Financial Property)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 84 (Questioning and Investigations) Where it is necessary to carry out an investigation and duties in connection with inheritance tax or gift tax, a public official engaged in tax affairs may ask question to any of the following persons, investigate relevant books, documents or other things, or order such persons to submit the relevant books, documents or other things:
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 85 (Collection and Management of Taxation Data by Each Taxpayer)
[This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] Article 86 (Prohibition on Levy of Value-Added Tax) No local government or other public organization may levy value-added tax on inheritance tax or gift tax. [This Article Wholly Amended by Act No. 9916, Jan. 1, 2010] ADDENDA Article 1 (Enforcement Date) This Act shall enter into force on January 1, 1997. Article 2 (General Application Examples) This Act shall be applicable beginning with the very first succession which commences or property being donated, after this Act enters into force. Article 3 (Application Examples Pertaining to Non-Taxation of Designated Cultural Heritage) Among designated cultural heritage whose taxes were deferred from collection, pursuant to the preceding provisions of Article 8-3 (1) 1, in case, at the time this Act enters into force, there is heritage which falls under one of the amended provisions of subparagraph 2 of Article 12, the head of tax office concerned shall revoke the levy decision on the amount of such inheritance taxes whose collection was deferred and the amount of such revoked inheritance taxes shall not again be levied. Article 4 (Application Examples Pertaining to Follow-up Management of Public Service Corporation, etc.)
Article 5 (Application Examples Pertaining to Succession Deductions of Farmland, Grazing Land, and Forest Land, etc.) At the time this Act enters into force, should an inheritance deduction, pertaining to farmland, grazing land, forest land, etc., be received, pursuant to the provisions of the preceding Article 11-3 (1) and (2), in case which falls under the provisions of the preceding Article 11-3 (4), after the enforcement of this Act, inheritance tax shall be levied, pursuant to the preceding provisions. Article 6 (Application Examples Pertaining to Deductions of Gift Tax Amount Deducted from Tax Assessment) The amended provisions of Articles 28 and 58 shall be applicable beginning with the very first inheritance tax or gift tax being determined after the enforcement of this Act. Article 7 (Application Examples Pertaining to Stocks, etc. under Assumed Names being Converted Back to Names of True Owners) With respect to stocks, etc. either entered in the register of stockholders or in the register of members under the names of third parties, or entered with a change of holders at the time this Act enters into force, the amended provisions of Article 43 (1) 2 shall be applicable beginning with the very first stocks, etc. which is being converted back to the name of the true owner, after the enforcement of this Act. Article 8 (Application Examples Pertaining to Tax Verifications, etc. by outside Experts Pertaining to Public Service Corporations, etc.)
Article 9 (Transitional Measures Pertaining to Appraisals)
Article 10 (Application Examples Pertaining to Payment in Kind and Payment by Annual Installments) The amended provisions of Articles 71 and 73 shall be applicable beginning with the first tax for which payment in kind and payment by annual installments is applied. Article 11 (Application Examples Pertaining to Submissions, etc. of Payment Records) The amended provisions of Article 82 (1) through (4) shall be applicable beginning with the first payment being paid out or such fact being handled, after the enforcement of this Act. Article 12 (Application Examples Pertaining to General Inquiry into Financial Property) The amended provisions of Article 83 shall be applicable beginning with the first inheritance tax being determined, after the enforcement of this Act. Article 13 (General Transitional Measures) Prior to the enforcement of this Act, any inheritance taxes or gift taxes levied or to be levied with respect to successions which commenced or property donated shall be pursuant to the preceding provisions. Article 14 Omitted. Article 15 (Relations with Other Acts and Subordinate Statutes) In case, at the time of the enforcement of this Act, the preceding Inheritance Tax Act or a provision thereof has been cited in other Acts and subordinate statutes, and if, among this Act, there is a provision falling into such Acts and subordinate statutes, then the citation shall be regarded as having been of this Act or a provision falling into this Act, in place of the preceding provisions. ADDENDA <Act No. 5493, Dec. 31, 1997> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Articles 2 through 13 Omitted. Article 14 (Applicable Cases subject to Amendment of Other Acts)
ADDENDA <Act No. 5498, Jan. 8, 1998> Article 1 (Enforcement Date) This Act shall enter into force on April 1, 1998. (Proviso Omitted.) Articles 2 through 15 Omitted. ADDENDA <Act No. 5582, Dec. 28, 1998>
ADDENDA <Act No. 6048, Dec. 28, 1999> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2000: Provided, That the amended provisions of Article 78 (4) shall enter into force on the date its promulgation and the amended provisions of Article 61 (1) 2 shall enter into force on July 1, 2000. Article 2 (General Application Example) This Act shall apply starting with the portion of any inheritance or any donation made for the first time after the enforcement of this Act: Provided, That the amended provisions of Article 41-3 shall apply starting with the portion of the stocks, etc. and convertible bonds, etc. acquired for the first time after the enforcement of this Act. Article 3 (Application Example of Additional Tax in Case, etc. of Excess Number of Directors of Public Service Corporation, etc.) The amended provisions of Article 48 (8) through (10) and Article 78 (6) through (8) shall apply to the portion of the business year commencing for the first time after the enforcement of this Act. Article 4 (Application Example of Payment in Annual Installments and Payment in Kind) The amended provisions of Articles 71 through 73 shall apply to the portion of any payment in annual installments and any payment in kind for which an application is filed for the first time after the enforcement of this Act. Article 5 (Transitional Measures concerning Tax Rates Change) In imposing any inheritance tax and any gift tax that come into a tax payment liability after the enforcement of this Act, where the portion of a donation made prior to the enforcement of this Act is taxed by adding up in accordance with the provisions of Articles 13 and 47 and such added-up tax base exceeds 3 billion won, a tax amount to be calculated shall be calculated according to the classification falling under any of the following subparagraphs notwithstanding the amended provisions of Article 26:
Article 6 (Transitional Measures concerning Legal Fiction of Loan as Donation) In applying the amended provisions of Articles 41 and 41-4, any person who receives financial loans, property and rendering of services, etc. as of the day that this Act is enforced shall be deemed to receive them anew on January 1, 2000. Article 7 (Transitional Measures concerning Possession Standard of Stocks, etc.)
ADDENDA <Act No. 6124, Jan. 12, 2000> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Articles 2 through 6 Omitted. ADDENDA <Act No. 6301, Dec. 29, 2000> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2001: Provided, That the amendments to Articles 48 (2) 3, 4, 4-2 and 78 (9) shall enter into force on the date of its promulgation. Article 2 (General Application Examples) This Act shall be applicable from the portion of inheritance first commenced or first gifted after the enforcement of this Act. Article 3 (Application Example to Non-taxable Inherited Property) The amendments to subparagraph 2 of Article 12 and Article 74 (1) 1 shall be applicable from the portion of decision on the inheritance tax first done after the enforcement of this Act. Article 4 (Application Example to Permit, etc. for Excessive Possession of Stocks by Public Service Corporation, etc.)
Article 5 (Application Example to Profits, etc. from Conversion of Convertible Bonds, etc. into Stocks)
Article 6 (Application Example to Payment in Installments and Annual Installments) The amended provisions of Articles 70 (2) and 71 (2) 2 shall be applicable from the portion of first application for the payment in installments and annual installments after the enforcement of this Act. Article 7 (Application Example to Application for Payment of Deposits, etc. by Successors, etc. Who are Non-Residents) The amended provisions of Article 81 (3) shall be applicable from the portion of first application for payment of inherited property to the financial institution by the successors, etc. who are non-residents after the enforcement of this Act. ADDENDA <Act No. 6780, Dec. 18, 2002> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2003: Provided, That the amended provisions of Articles 16 (2) and (4), and 48 (2) and (4) shall enter into force on the date of its promulgation. Article 2 (General Application Examples) This Act shall be applicable from the portion of inheritance first commenced or first gifted after the enforcement of this Act. Article 3 (Application Example to Permit, etc. for Excessive Possession of Stocks by Public Service Corporation, etc.) The amended provisions of Articles 16 (2) and (4), 48 (2) and (4) shall be applicable from the portion of business year whereto belongs the date of promulgation of this Act. Article 4 (Application Example to Legal Fiction of Insurance Money as Donation) The amended provisions of Article 34 (1) shall be applicable from the portion of paying the premiums with the money first donated after the enforcement of this Act. Article 5 (Application Example to Legal Fiction of Title Trust Property as Donation) The amended provisions of Article 41-2 (1) and (2) shall be applicable from the portion of ownership first acquired after the enforcement of this Act. Article 6 (Application Example to Legal Fiction of Profits from Listing, etc. of Stocks or Equity Shares as Donation) The amended provisions of Articles 41-3 and 41-5 shall be applicable from the portion of the stocks, etc. first donated or acquired with compensation after the enforcement of this Act. Article 7 (Application Example to Deferment of Collection of Cultural Heritage Data, etc.) The amended provisions of Article 74 (1) through (3) shall be applicable from the portion of application first filed after the enforcement of this Act. Article 8 (Application Example to Additional Tax) The amended provisions of Article 78 (2) 2 shall be applicable from the portion for which the deadline of payment first arrives after the enforcement of this Act. Article 9 (Transitional Measures for Title Trust Property) With regard to the portion whose ownership has been acquired before the enforcement of this Act, and the change of holders under amended provisions of Article 41-2 (1) and (2) has not been made as of the date of enforcement of this Act, it shall be deemed to have acquired an ownership on the date of enforcement of this Act. Article 10 (Transitional Measures for Deduction of Property Donated by Spouse) In case where the amount deducted under the previous provision for the portion of donation before the enforcement of this Act exceeds 300 million won, such excessive amount shall be deducted from the taxable amount of gift taxes, notwithstanding the amended provisions of Article 53 (1) 1. Article 11 (Application Example to Disputed Case, etc. against Assessment of Value of Inherited Property) With regard to the dispositions to be made by applying the provisions of Article 9 (1) of the previous Inheritance Tax Act (referring to the Act prior to the amendment by Act No. 4805 on December 22, 1994), and those to have been made (limited to those against which any objection, request for examination, request for adjudication, or administrative litigation, has been instituted), the provisions of Article 9 (1) and (2) of the previous Inheritance Tax Act (referring to what has been amended by Act No. 4805) shall be applicable. ADDENDA <Act No. 7010, Dec. 30, 2003> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2004. Article 2 (General Application Examples) This Act shall be applicable from the portion of commencing inheritance or of donating after the enforcement of this Act. Article 3 (Application Example concerning Donation of Insurance Money) The amended provisions of Article 34 (1) shall be applicable from the portion of paying the premiums with the assets donated after the enforcement of this Act. Article 4 (Application Example concerning Donation of Benefits Accompanying Transfer at Lower or Higher Prices) The amended provisions of Article 35 shall be applicable from the portion of taking over or transferring after the enforcement of this Act. Article 5 (Application Example concerning Donation of Benefits Accompanying Gratuitous Use of Real Estate) The amended provisions of Article 37 shall be applicable from the portion of using real estate gratuitously after the enforcement of this Act. In this case, with regard to the portion of gratuitous use of real estate from prior to the enforcement of this Act, and the portion of continued gratuitous use at the time of the enforcement of this Act, it shall be deemed to newly use the real estate on the date of enforcement of this Act. Article 6 (Application Example concerning Donation of Benefits Accompanying Investment in Kind) The amended provisions of Articles 39-3 shall be applicable from the portion of investments in kind after the enforcement of this Act. Article 7 (Application Example concerning Deferment of Term of Merger Relating to Donations of Profits, Such as Listing etc. Due to Merger) The amended provisions of Article 41-5 (1) shall be applicable from the portion of receiving a donation of stocks, etc. or acquiring for value after the enforcement of this Act. Article 8 (Application Example concerning Donation of Other Benefits)
service or receiving its provision after the enforcement of this Act.
takeover of business, exchange of business and organizational change of corporation etc. after the enforcement of this Act.
Article 9 (Application Example concerning Adjustment of Double Taxation of Gift Tax and Income Tax Relating to Presumption of Donations at Time of Transfer to Spouse, etc.) The amended provisions of proviso of Article 44 (2) and (4) shall be applicable from the portion of determining the gift tax after the enforcement of this Act. Article 10 (Application Example concerning Legal Fiction of Donation of Title Trust Assets) The amended provisions of Article 45-2 (3) shall be applicable from the portion of submitting the documents for shareholders, etc. and the specifications of changing status of stocks, etc. under the provisions of Articles 109 (1) and 119 of the Corporate Tax Act after the enforcement of this Act. Article 11 (Application Example concerning Deferment of Period for Payment by Annual Installments for Inherited Property of Family Business) The amended provisions of Article 71 (2) 2 shall be applicable from the portion of filing an application for payment by annual installments after the enforcement of this Act. Article 12 (Application Example concerning Additional Taxes) The amended provisions of Article 78 (1) and (2) shall be applicable from the portion of arrival of the deadline for payment after the enforcement of this Act. Article 13 (Application Example concerning Submission of Issuance of Convertible Bonds, etc. and Details of Undertakers) The amended provisions of Article 82 (6) shall be applicable from the portion of issuing the convertible bonds, etc. after the enforcement of this Act. ADDENDA <Act No. 7335, Jan. 14, 2005> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Articles 2 through 12 Omitted. ADDENDA <Act No. 7580, Jul. 13, 2005> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. Article 2 (General Application Example) This Act shall apply, starting with the portion of any inheritance that is first commenced and any donation that is first made after its promulgation. Article 3 (Special Case concerning Appraised Value of Collective Housing Whose Prices Are Nonexistent) In case where the prices of the collective housing provided for in the amended provisions of Article 61 (1) 4 are nonexistent at the time of the enforcement of this Act, the previous provisions of Article 61 (3) shall apply to the calculation and the publication of the prices of the collective housing on or before the time that the Commissioner of the National Tax Office determines and publishes the prices of the relevant collective housing pursuant to the provisions of the proviso of Article 17 (1) of the Public Notice of Values and Appraisal of Real Estate Act, notwithstanding the amended provisons of Article 61 (1) 4. Article 4 (Application Example concerning Hearing of Opinions and Application Filed for Recalculation and Publication) The amended provisions of Article 61 (8) shall apply, starting with the portion that is first calculated and published after the enforcement of this Act. ADDENDA <Act No. 8139, Dec. 30, 2006> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2007. (Proviso Omitted.) Articles 2 through 15 Omitted. Article 16 (Transitional Measures for Amendment to Other Acts) The additional tax that was imposed or is to be imposed pursuant to the provisions of the tax-related Act falling under each of the following subparagraphs before this Act enters into force, shall be governed by the previous provisions of the corresponding tax-related Act, notwithstanding the corresponding tax-related Act amended by Article 15 (1) through (7) of the Addenda: ADDENDA <Act No. 8346, Apr. 11, 2007> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 13 Omitted. ADDENDA <Act No. 8347, Apr. 11, 2007> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 5 Omitted. ADDENDA <Act No. 8435, May 17, 2007> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2008. (Proviso Omitted.) Articles 2 through 9 Omitted. ADDENDA <Act No. 8828, Dec. 31, 2007> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2008: Provided, That the amended provisions of Articles 48 (9) and 78 (10) shall enter into force on January 1, 2009. Article 2 (General Applicability) This Act shall apply beginning with the first case where inheritance commences or a gift is made after this Act enters into force. Article 3 (Applicability concerning Contribution and Acquisition of Stocks, etc. of Public Service Corporation, etc.) The amended provisions of the main sentence of the part other than the subparagraphs of Article 16 (2), proviso to the part other than the subparagraphs of Article 48 (1), and paragraphs (2) 2 and (11) of the same Article shall apply beginning with the first case where stocks, etc. are contributed to a public service corporation, etc., or a public service corporation, etc. acquires stocks, etc. after this Act enters into force. Article 4 (Applicability concerning Additional Tax to Stocks, etc. of Domestic Corporation, etc. in Special Relationship held by Public Service Corporation, etc.) The amended provisions of Article 48 (9) shall apply beginning with the first case where taxation period or business year begins after January 1, 2009. Article 5 (Applicability concerning Tax Verification, etc. of Public Service Corporation, etc. by Outside Experts) The amended provisions of Article 50 (1) and (3) shall apply beginning with the first case where taxation period or business year begins after this Act enters into force. Article 6 (Applicability concerning Responsibility of Establishment and Use of Exclusive Account by Public Service Corporation, etc.) The amended provisions of Article 50-2 shall apply beginning with the first case where revenue or expenditure received or disbursed by a public service corporation, etc. after this Act enters into force. Article 7 (Applicability concerning Responsibility of Publicly Announcing Statement of Accounts, etc. of Public Service Corporation, etc.) The amended provisions of Article 50-3 shall apply beginning with the first case where taxation period or business year begins after this Act enters into force. Article 8 (Applicability concerning Payment in Annual Installments) The amended provisions of Article 71 (1), (2) and (4) shall apply beginning with the first case where payment in annual installments is applied over the portion for which inheritance commences or a gift is made after this Act enters into force. Article 9 (Applicability concerning Payment in Kind) The amended provisions of the main sentence of Article 73 (1) shall apply beginning with the first case where payment in kind is applied over the portion for which inheritance commences or a gift is made after this Act enters into force. Article 10 (Applicability concerning Additional Tax)
Article 11 (Applicability concerning Notification of Taxable Data of Property Tax) The amended provisions of Article 80 (3) shall apply beginning with the first case where that is notified to the Commissioner of the National Tax Service after this Act enters into force. Article 12 (Applicability concerning Submission of Payment Detail)
Article 13 (Special Cases concerning Establishment and Report of Exclusive Account of Public Service Corporation, etc.) Where a corporation falls under public service corporations, etc. as at the time this Act enters into force or falls under public service corporations, etc. before March 31, 2008, it may open and report an exclusive account between the date this Act enters into force and June 30, 2008, notwithstanding the amended provisions of Article 50-2 (3). ADDENDA <Act No. 8852, Feb. 29, 2008> Article 1 (Enforcement Date) This Act shall enter into force on the date of its promulgation. (Proviso Omitted.) Articles 2 through 7 Omitted. ADDENDA <Act No. 9269, Dec. 26, 2008> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2009. Article 2 (General Applicability) This Act shall apply beginning with the first inheritance or donation that commences or is made after this Act enters into force. Article 3 (Applicability concerning Appraisal of Securities, etc.) The amended provisions of Article 63 (3) shall apply beginning with the first securities inherited or donated, that are appraised after this Act enters into force. Article 4 (Applicability concerning Payment by Annual Installments) The amended provisions of Article 71 (1), (4) and (5) shall apply beginning with the first payment in annual installments applied after this Act enters into force. Article 5 (Applicability to Additional Tax) The amended provisions of Article 78 (12) and (13) shall apply beginning with the first obligation to submit payment details, etc. that arises after this Act enters into force.y ADDENDA <Act No. 9916, Jan. 1, 2010> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2010. Article 2 (General Applicability) This Act shall apply beginning with the first inheritance commencing or donation made after this Act enters into force. Article 3 (Applicability concerning Special Cases on Requests for Correction, etc.) The amended provisions of Article 79 (2) shall apply beginning from the first decision or correction made after this Act enters into force. ADDENDA <Act No. 9924, Jan. 1, 2010> Article 1 (Enforcement Date) This Act shall enter into force on January 1, 2010. Articles 2 through 7 Omitted. ADDENDA <Act No. 10000, Feb. 4, 2010> Article 1 (Enforcement Date) This Act shall enter into force one year after the date of its promulgation. (Proviso Omitted.) Articles 2 through 7 Omitted. ADDENDA <Act No. 10305, May 20, 2010> Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.) Articles 2 through 6 Omitted. ADDENDA <Act No. 10361, Jun. 8, 2010> Article 1 (Enforcement Date) This Act shall enter into force six months after the date of its promulgation. (Proviso Omitted.) Articles 2 through 12 Omitted. What term describes the failure to do something required by law or duty?Nonfeasance is a legal concept that refers to the willful failure to execute or perform an act or duty required by one's position, office, or law whereby that neglect results in harm or damage to a person or property.
How much of a property exemption is a totally disabled war veteran making over 40000 annually and living in California entitled to quizlet?-A disabled war veteran who is totally disabled is entitled to a $100,000 exemption. If the disabled veteran's annual income is less than $40,000, the exemption increases to $150,000. Unmarried spouses of qualified veterans can also claim the exemption.
Which of the following is a kind of tenancy not recognized in California?Which of the following is a kind of tenancy not recognized in California? a right of another to use or take possession of a legal owner's property or limit the owner's rights. Which of the following is NOT a superior lien? limited in duration to the life of the owner or other named person.
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