Florida Statutes 198.04 – Tax upon estates of alien decedents
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Terms Used In Florida Statutes 198.04
- 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.
- Decedent: shall include the testator, intestate, grantor, bargainor, vendor, or donor. See Florida Statutes 198.01
- Intangible personal property: means incorporeal personal property including deposits in banks, negotiable instruments, mortgages, debts, receivables, shares of stock, bonds, notes, credits, evidences of an interest in property, evidences of debt and choses in action generally. See Florida Statutes 198.01
- Legacy: A gift of property made by will.
- Person: means persons, corporations, associations, joint stock companies, and business trusts. See Florida Statutes 198.01
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Resident: means a natural person domiciled in the state. See Florida Statutes 198.01
- United States: when used in a geographical sense includes only the 50 states and the District of Columbia. See Florida Statutes 198.01
A tax is imposed upon the transfer of real property situate and tangible personal property having an actual situs in this state and upon intangible personal property physically present within this state of every person who at the time of death was not a resident of the United States, the amount of which shall be a sum equal to such proportion of the credit allowable under the applicable federal revenue act for estate, inheritance, legacy, and succession taxes actually paid to the several states, as the value of the property taxable in this state bears to the value of the estate taxable by the United States wherever situate. For the purpose of this section, stock in a corporation organized under the laws of this state shall be deemed physically present within this state. The amount receivable as insurance upon the life of a decedent who at the time of death was not a resident of the United States, and any moneys deposited with any person carrying on the banking business by or for such decedent who was not engaged in business in the United States at the time of death, shall not, for the purpose of this section, be deemed to be physically present in this state.