Maine Revised Statutes Title 36 Sec. 4104 – Tax on estate of nonresident
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Terms Used In Maine Revised Statutes Title 36 Sec. 4104
- Adjusted federal gross estate: means a decedent's federal gross estate as modified by Maine elective property and the value of all taxable gifts as defined under the Code, Section 2503 made by the decedent during the one-year period ending on the date of the decedent's death. See Maine Revised Statutes Title 36 Sec. 4102
- Decedent: A deceased person.
- Federal gross estate: means the gross estate of a decedent as determined by the assessor in accordance with the Code. See Maine Revised Statutes Title 36 Sec. 4102
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Maine taxable estate: means the federal taxable estate:
A. See Maine Revised Statutes Title 36 Sec. 4102Nonresident: means a natural person domiciled in a jurisdiction other than this State at the time of death. See Maine Revised Statutes Title 36 Sec. 4102 Person: means an individual, firm, partnership, association, society, club, corporation, financial institution, estate, trust, business trust, receiver, assignee or any other group or combination acting as a unit, the State or Federal Government or any political subdivision or agency of either government. See Maine Revised Statutes Title 36 Sec. 111 Personal property: All property that is not real property. Resident: means a natural person domiciled in this State at the time of death. See Maine Revised Statutes Title 36 Sec. 4102 Tax: means the total amount required to be paid, withheld and paid over or collected and paid over with respect to estimated or actual tax liability under this Title, any credit or reimbursement allowed or paid pursuant to this Title that is recoverable by the assessor and any amount assessed by the assessor pursuant to this Title, including any interest or penalties provided by law. See Maine Revised Statutes Title 36 Sec. 111 Value: means , when determining value for purposes of this chapter, with respect to an estate or to property included in an estate, including Maine qualified terminable interest property, the value as determined by the assessor in accordance with the Code. See Maine Revised Statutes Title 36 Sec. 4102
A tax is imposed on the Maine taxable estate of every person who, at the time of death, was a nonresident. The amount of tax equals the tax computed under section 4103, as if the nonresident were a resident, multiplied by the ratio of the value of that portion of the decedent‘s adjusted federal gross estate that consists of real and tangible personal property located in this State to the value of the decedent’s adjusted federal gross estate. [PL 2011, c. 380, Pt. M, §9 (NEW).]
When real or tangible personal property is owned by a pass-through entity, the entity must be disregarded and the property must be treated as personally owned by the decedent if the entity does not actively carry on a business for the purpose of profit and gain; the ownership of the property in the entity was not for a valid business purpose; or the property was acquired by other than a bona fide sale for full and adequate consideration and the decedent retained a power with respect to or interest in the property that would bring the real or tangible personal property located in this State within the decedent’s adjusted federal gross estate. [PL 2011, c. 380, Pt. M, §9 (NEW).]
SECTION HISTORY
PL 2011, c. 380, Pt. M, §9 (NEW).