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It is enacted by the General Assembly as follows:

SECTION 1. A tax shall be and is hereby imposed upon the net estate of every resident decedent, and upon the net estate of every non-resident decedent consisting of real property located within this state, or any interest therein, as a tax upon the right to transfer. Such tax shall be imposed at the rate of one-half of one per centum upon the excess value of each said estate over $5,000: Provided, that in the case of the estate of a non-resident decedent only such proportion of said exemption of $5,000 shall be allowed, as the value of the real property located in Rhode Island, or any interest therein, bears to the value of the entire estate wherever located; and provided, further, that the executor, administrator or trustee of such non-resident decedent's estate shall file with the board of tax commissioners a sworn statement showing the full and fair cash value of the entire estate. If said statement is not filed as herein provided, no exemption shall be allowed.

Sec. 2. (As amended by Pub. Laws, 1946, May 5, 1920.) The value of the net estate of a resident decedent for the assessment of the tax imposed by Section 1 of this act shall be ascertained by taking the full and fair cash value of the real property located within this state and of any interest therein, and of the tangible and intangible personal property of the decedent at the date of his decease, including the property and interests described in paragraphs 2, 3 and 4 of Section 5 of this act, and adding thereto all gains made during the settlement of the estate in reducing the intangible personal property thereof to possession, except so much of such intangible personal property as is represented by bonds and stock in any corporation, and income accruing after death. From the value thus obtained there shall be deducted the amount of all claims legally due and payable in the lifetime of the decedent and allowed against the estate, contingent claims which may become justly due from the estate, funeral expenses, probate charges, fees of appraisers, executors, administrators or trustees, which fees in the opinion of the board of tax commissioners shall seem reasonable, and commensurate with the value of the estate as returned to the board of tax commissioners, the amount of the allowance made for the support of the widow and family of the decedent by the probate court in accordance with law if commensurate with the value of the estate as returned to the board of tax commissioners, and the amount at the death of the decedent of all unpaid mortgages, except mortgages on real property not located within this state, not deducted in the appraisal of the property mortgaged; and there shall also be deducted all losses incurred during the settlement of the estate in the reduction of the intangible personal property to possession, except so much of such intangible personal property as

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is represented by bonds and stock in any corporation. No deduction shall be allowed for or on account of any inheritance, succession or estate tax paid to the government of the United States. The value of the net estate of a non-resident decedent for the assessment of the tax imposed by Section 1 of this act shall be ascertained by taking the full and fair cash value of the real property located in Rhode Island, and any interest therein, including such real property and interests in real property as are described in paragraphs 2, 3 and 4 of Section 5 of this act, and deducting therefrom such proportion of the indebtedness of the entire estate of such non-resident decedent as the value of said real property and interests therein, and of any tangible personal property of such decedent located within this state bears to the value of the entire estate: Provided, that only the excess of such proportion of indebtedness over and above the value of said tangible personal property shall be deducted from the appraised value of said real property; and provided, further, that the executor, administrator, or trustee, of such non-resident decedent's estate shall file with the board of tax commissioners a sworn statement showing the full and fair cash value of the entire estate and the indebtedness of said estate. If said statement is not filed as herein provided, only such debts and expenses as are chargeable to the said real property under the laws of this state shall be deducted. The full and fair cash value of the net estate of a decedent shall be determined by the board of tax commissioners as aforesaid in accordance with the provisions of Sections 22, 23, 24 and 31 of this act.

SEC. 3. (As amended by Pub. Laws, 1946, May 5, 1920.) The tax imposed by Section 1 of this act shall be assessed upon the full and fair cash value of the net

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