Idaho Code 73-301 – Construction of Formula Clauses
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Terms Used In Idaho Code 73-301
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
Marital deduction formula clauses in wills executed prior to January 1, 1977, by persons who are residents of this state at the time of death shall be deemed to refer to the increased marital deduction allowed by the Internal Revenue Code of the United States, section 2056(c), as amended by the Tax Reform Act of 1976 (HR 10612).