WISCONSIN INHERITANCE, ESTATE, AND GIFT TAXES Inheritance Tax Tax imposed. An inheritance tax is imposed by this State upon any transfer of property, real, personal, or mixed, or any interest therein, or income therefrom, in trust or otherwise, to any person, association, or corporation, except as hereinafter provided. (72.01) Transfers taxable. This tax applies to transfers by will or by the intestate laws of this State from any person dying possessed of the property while a resident of this State; to transfers by will or intestate laws, of property within this State or within its jurisdiction when the decedent was a nonresident of this State at the time of his death; and to transfers made by a resident or nonresident when such nonresident's property is within this State, or within its jurisdiction, by deed, grant, bargain, sale, or gift, made in contemplation of the death of the grantor, vendor, or donor, or intended to take effect in possession or enjoyment at or after such death. This tax is imposed when any such person or corporation becomes beneficially entitled, in possession or expectancy, to any property or the income thereof, by any such transfer whether made before or after the passage of this act. (72.01) Same. Whenever any person or corporation exercises a power of appointment derived from any disposition of property, such appointment, when made, is deemed a transfer taxable hereunder in the same manner as though the property to which such appointment relates belonged absolutely to the donee of such power, and had been bequeathed or devised by such donee by will; and whenever any person or corporation possessing such a power of appointment so derived omits or fails to exercise the same within the time provided therefor, in whole or in part, a transfer taxable hereunder is deemed to take place to the extent of such omission or failure, in the same manner as though the persons or corporations thereby becoming entitled to the possession or enjoyment of the property to which such power related had succeeded thereto by a will of the donee of the power failing to exercise such power, taking effect at the time of such omission or failure. (72.01) Same. Whenever any property, real or personal, is held or deposited in joint names and payable to either or the survivor, upon the death of one of such persons, the right of the survivor to the immediate ownership or possession and enjoyment of such property is deemed a transfer of one-half or other proper fraction thereof taxable hereunder in the same manner as though the property to which such transfer relates belonged absolutely to such persons as tenants in common, and had been bequeathed to the survivor by the decedent, by will. Insurance payable upon the death of any person is deemed a part of his estate for the purpose of this tax, and is taxable to the person entitled thereto. (72.01) Exemptions. The following transfers of property are exempt from this tax: All property transferred to municipal corporations within this State for strictly county, town, or municipal purposes; or to religious, humane, charitable, or educational corporations organized under the laws of this State; or to corporations, organizations, associations, or foundations of this State, in trust, and for the direct financial benefit of any town, city, school district, village, or county of this State. Individual beneficiaries are allowed the following exemptions: Widow of decedent, $15,000; husband of decedent, $5,000; all other beneficiaries of class A, $2,000. Beneficiaries of class B, $500; class C, $250; and class D, $100. Bequests not to exceed $500 for the care and maintenance of the burial lot of the deceased, and not to exceed $500 to the cemetery in which deceased is buried, and not to exceed $1,000 for the performance of a religious service for or in behalf of the deceased or of any person named in his will, are exempt from this tax. (72.04) Classification of beneficiaries.-The beneficiaries under this act are classified as follows: Class A: Husband, wife, lineal issue, lineal ancestor, or adopted or mutually acknowledged child or any lineal issue thereof, of decedent. Class B: Brother or sister or a descendant thereof, wife or widow of a son, or husband of a daughter, of decedent. Class C: Brother or sister of the father or mother or a descendant thereof, of decedent. Class D: All others, including bodies politic or corporate. (72.02) 2 Rates of tax. The rates of tax imposed by this act are as follows: On amounts not in excess of $25,000, classes A, B, C, and D pay percent, 4 percent, 6 percent, and 8 percent, respectively. These rates are termed the primary rates. When the amount of the clear value of the property transferred exceeds $25,000 but does not exceed $50,000, the primary rate is multiplied by 2; if over $50,000 to $100,000, it is multiplied by 3; if over $100,000 to $500,000, it is multiplied by 4; and all amounts in excess of $500,000 are taxed at 5 times the primary rates, but no tax may exceed 15 percent of the property transferred to any beneficiary. The actual rates imposed are as follows: (72.03) Payment of tax; discount; interest. This tax is payable to the treasurer of the county in which is situated the county court having jurisdiction, and it is due at the time of the decedent's death; if paid within 1 year from its accrual, a discount of 5 percent is allowed; if not paid within 18 months from accrual, interest is charged at the rate of 10 percent per annum from the accrual. If the tax cannot be determined, interest is charged at the rate of 6 percent per annum from the accrual date until the cause of delay is removed, after which 10 percent is charged. (72.05, 72.06) Tax lien. Every tax imposed by this act is and remains a lien upon the property transferred until paid, and the person to whom the 1 An emergency tax, equal to 30 percent of these rates, is levied on these same transfers, as hereinafter shown. property is transferred, and the administrators, executors, and trustees of every estate so transferred are personally liable for this tax until its payment. (72.05) Disposition of proceeds. Each county treasurer collecting this tax retains, for the use of his county, 71⁄2 percent of all sums collected by him, and he remits the balance to the State treasury. The proceeds of this tax, less collection expenses and each county's share, are paid into the State treasury for the use of the State, and are applicable to the expenses of the State government and to such other purposes as the legislature may direct. (72.20, 72.23) Administration of act.-The State tax commission supervises the administration of this act. (72.18) Source of information.-Chapter 72, Wisconsin Statutes of 1937. Emergency tax.—In addition to the tax imposed by the foregoing provisions, an emergency tax for relief purposes is imposed upon all transfers of property which are taxable under said foregoing provisions and which are made subsequent to October 15, 1937, and prior to July 1, 1941, which tax is equal to 30 percent of the tax imposed by said foregoing provisions. This tax is administered, assessed, collected, and paid in the same manner, at the same time, and is subject to the same regulations as is the tax levied under the foregoing provisions, except that the entire amount of this tax is paid into the general fund of the State, and is appropriated for allotment for relief purposes, including the administration of relief. (Chapter 14, Special Session of 1937) Estate Tax Tax imposed; rate. In addition to the tax imposed by the foregoing provisions, an estate tax is imposed upon the transfer of all estates which are subject to an estate tax under the provisions of the Federal estate tax act,2 where the decedent was a resident of this State at the time of his decease. The amount of this tax is equal to the extent, if any, of the excess of the credit of not exceeding 80 percent allowable under said Federal act, over the aggregate amount of all estate, inheritance, transfer, legacy, and succession taxes paid to any State or Territory or the District of Columbia in respect to any property in the estate of said decedent. (72.50) Filing returns. The legal representative of the estate of any decedent who was a resident of this State at the time of his death and whose estate may be subject to the payment of a Federal estate tax is required to file duplicates of his Federal estate tax returns with the county court of the county in which such estate is being probated. (72.55) Payment of tax; interest.—This estate tax is payable to the county treasurer of said county at the same time or times at which the Federal tax is payable, and it bears interest, if any, at the same rate and for the same period as such Federal tax. The county court may grant an extension of time for payment of this tax. (72.51, 72.54) Tax lien. This tax and the interest thereon are and remain a lien on the property subject to the taxes until the same are paid. (72.53) Administration of act.-The provisions of the inheritance tax act apply to this estate tax insofar as the same are applicable and are not in conflict with the estate tax provisions. (72.61) Source of information.-Chapter 72, Wisconsin Statutes of 1937. 'The provisions of law relating to this tax are shown on p. 7. Gift Tax Tax imposed.-An emergency tax is imposed upon transfers of property, real, personal, or mixed, or any interest therein or income therefrom, in trust or otherwise, to any person, association, or corporation, which are made prior to July 1, 1939, except as hereinafter provided. (72.75-4) Gifts taxable. The gift is taxable if the transfer is by gift from any person who at the date of such gift was a resident of this State; or if the transfer is by gift of property within this State or within its jurisdiction and the donor was a nonresident of this State at the date of such gift. No tax is imposed upon any transfers taxable under the inheritance tax laws of this State, and no tax is imposed upon any tangible personal property of a resident donor when such property is located permanently without this State. (72.75-4) Exemptions. Transfers exempt from this tax are the same as those exempted under the inheritance tax law, except that property of the clear value of $1,000 transferred in any calendar year by any donor to any donee is exempt also; and except that the personal exemptions of $15,000 to a wife, $5,000 to a husband, and $2,000 to a lineal descendant, of the donor, are the only ones allowed. All amounts paid to cover employees' insurance, sickness, and death benefits, pensions, relief activities, and for similar purposes are exempt; as are amounts paid by an individual to anyone who is dependent upon him for support, current maintenance, or education. (72.75-4) Classification of beneficiaries. Same classification as heretofore shown under the inheritance tax law. (72.75-4) Rates of tax. The rates of tax imposed upon property transferred by gift are the same as those imposed upon transfers of like amount under the inheritance tax law, except that when the tax exceeds $100 an additional tax equal to 25 percent of the excess over $100 of tax is collected. (72.75-4) Filing returns.-Donors and donees are required to file returns, not later than March 15, of each transfer made during the preceding year, if the value of such transfer exceeds $1,000. (72.75-4) Payment of tax; discount; interest. This tax is payable to the State tax commission within 30 days from receipt of the notice of assessment, and the donee is personally liable for the tax until it is paid. If the tax is not paid when due, both the donor and the donee are jointly and severally liable for its payment. If the tax is paid prior to the expiration of such 30 days, a discount of 5 percent is allowed; if not so paid, interest is charged at the rate of 10 percent per annum from the expiration of said time to date of payment; unless, because of an appeal, the tax is not finally determined until a later date, in which event 6 percent interest is charged from the due date until the cause of delay is removed, after which 10 percent is charged. (72.75-4) Tax lien. This tax is and remains a lien on the property transferred until paid, but not exceeding 10 years from the filing of the report of the transfer. (72.75-4) Administration of act.-The State tax commission supervises the administration of this act. (72.75-4) Source of information.-Chapter 72, Wisconsin Statutes of 1937. WYOMING INHERITANCE TAX Tax imposed. All property within the jurisdiction of this State, corporeal or incorporeal, and any interest therein, whether belonging to inhabitants of this State or not, including proceeds of insurance policies on the life of a decedent payable in such manner as to be subject to claims against his estate and to distribution as a part thereof, except as hereinafter provided, is subject to an inheritance tax. (1202) Transfers taxable. This tax applies to all property which passes by will or by the laws regulating intestate succession or which passes by the operation of any of the statutes of this State which become operative to transfer property upon the death of a person, except that provision of law relative to the homestead to surviving spouse or child or children, or by deed, grant, or gift, and except in case of bona fide purchase for full consideration in money or money's worth made in contemplation of the death of the grantor or donor, or made or intended to take effect in possession or enjoyment after his death, and except any beneficial interest therein which arises or accrues by survivorship in any form of joint ownership in which the decedent joint owner contributed during his life any part of the property held in such ownership or any part of the purchase price thereof, to any person, absolutely or in trust, except proceeds of insurance policies, payable to named beneficiaries, other than the insured's estate or his executor or administrator as such, whether payable immediately or at future dates, and whether payable directly or through a trustee, are subject as to the estate passing to each of the beneficiaries, to a tax at the percentage rates and with the exemptions fixed by the provisions hereinafter shown. (1202) Exemptions.—The following transfers of property are exempt from this tax: Gifts for State, municipal, charitable, educational, or religious purposes, or to any institutions for use in the preservation of wild fowls or game; proceeds of insurance policies payable to named beneficiaries other than the insured's estate; gifts to societies, corporations, and institutions, exempted by law from taxation; gifts to public corporations; gifts to societies, corporations, institutions, or associations engaged in charitable, benevolent, educational, public, religious or other like work, if organized under the laws of this State and if the property transferred is limited for use within this State; if organized under the laws of another State or Territory of the United States, or of a foreign State or country, the property transferred is exempt if at the date of decedent's death, the said State, Territory, or foreign State or country under the laws of which such society, corporation, institution or association was organized did not impose a legacy or similar tax in respect of property transferred to such a society, corporation, institution or association organized under the laws of this State; or if at such date the laws of such State or Territory |