Oregon Administrative Rules
Chapter 150 - DEPARTMENT OF REVENUE
Division 118 - INHERITANCE TAX
Section 150-118-0200 - Bond for Deferment of Tax
Universal Citation: OR Admin Rules 150-118-0200
Current through Register Vol. 63, No. 9, September 1, 2024
(1) A beneficiary electing to defer payment of the tax under ORS 118.300 must, within 12 months of the decedent's death, file with the Director a signed statement indicating that the person has not come into actual possession or enjoyment of the property.
(a) A beneficiary of real property,
as defined in ORS 111.005(28), is
not required to provide a bond.
(b)
A beneficiary of personal property, as defined in ORS
111.005(25),
must give a bond to the State of Oregon in double the amount of the tax, with
such sureties as the Director may approve, conditioned for the payment of the
tax and accrued interest at such time and period as the beneficiary comes into
actual possession or enjoyment of the property.
(2) The department will accept a bond:
(a) In a form approved by the Director and
executed by a company licensed to issue surety insurance by the Oregon
Department of Consumer and Business Services, Insurance Division;
(b) Executed by a corporate surety, other
than a surety company, provided such corporate surety establishes that it is
within its corporate powers to act as surety for another individual,
partnership, association, or corporation; or
(c) Executed by two or more individual
sureties meeting the requirements of subsection (2)(d) that is secured by a:
(A) A mortgage on real or personal
property;
(B) A certified,
cashier's or treasurer's check drawn on any bank authorized by the State
Division of Finance and Corporate Securities to do business in the State of
Oregon;
(C) A United States postal,
bank, or express money order;
(D)
Corporate bonds or stocks, or by bonds issued by the State of Oregon, or by a
political subdivision of this state; or
(E) Any other collateral acceptable to the
Director.
(d) Each surety
that executes a bond under subsection (2)(c) must:
(A) Have property, including Oregon real
property, that is subject to execution and with a current market value net of
all encumbrances that is at least equal to the penalty of the bond;
(B) Agree to not encumber the secured
property while the bond continues in effect;
(C) Annually file an affidavit with the
department as to the adequacy of the security.
(3) A beneficiary must file a return with the Director within six months of the date the person comes into actual possession or enjoyment of the property in question.
Statutory/Other Authority: ORS 305.100
Statutes/Other Implemented: ORS 118.300
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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