2006 Ohio Revised Code - [5731.13.1] 5731.131.Income interest for life where marital deduction allowable.

[§ 5731.13.1] § 5731.131. Income interest for life where marital deduction allowable.
 

The value of the gross estate shall include the value of any property in which the decedent had an income interest for life as follows: 

(A) If a marital deduction was allowed with respect to the transfer of such property to the decedent under section 2523(f) of the Internal Revenue Code, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse; 

(B) If the decedent's predeceasing spouse was not a resident of this state at the time of death and if a marital deduction was allowed with respect to the transfer of such property to the decedent under section 2056(b)(7) of the Internal Revenue Code, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse; 

(C) If the decedent's predeceasing spouse died prior to July 1, 1993, and if a marital deduction was allowed with respect to the transfer of such property to the decedent under division (A)(1) of section 5731.15 of the Revised Code as it existed prior to July 1, 1993, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse; 

(D) If a qualified terminable interest property deduction was allowed with respect to the transfer of such property to the decedent under division (B) of section 5731.15 of the Revised Code, in connection with the determination of the value of the taxable estate of the decedent's predeceasing spouse. 
 

HISTORY: 140 v H 291 (Eff 7-1-83); 141 v H 139 (Eff 7-24-86); 143 V H 111, §§ 1, 3 (Eff 7-1-89); 143 v S 336, § 1 (Eff 4-10-90); 143 v S 336, § 3. Eff 7-1-93; 151 v H 66, § 101.01, eff. 6-30-05.
 

The provisions of § 557.24 of 151 v H 66 read as follows: 

SECTION 557.24. The amendment by this act of sections 5731.01, 5731.05, 5731.131, 5731.14, 5731.18, and 5731.181 of the Revised Code, and the repeal by this act of section 5731.20 of the Revised Code, applies to estates of decedents dying on or after the effective date of those sections as amended by this act. 

The effective date is set by § 612.21 of 151 v H 66. 

 

Effect of Amendments

151 v H 66, effective June 30, 2005, rewrote the section.