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Taxable inheritance.
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12.—(1) In this Act, “taxable inheritance” means—
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(a) in the case where—
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(i) the disponer is domiciled in the State at the date of the disposition under which the successor takes the inheritance; or
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(ii) the proper law of the disposition under which the successor takes the inheritance is, at the date of the disposition, the law of the State,
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the whole of the inheritance; and
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(b) in any case, other than the case referred to in paragraph (a), where, at the date of the inheritance—
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(i) the whole of the property—
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(I) which was to be appropriated to the inheritance;
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or
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(II) out of which property was to be appropriated to the inheritance,
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was situate in the State, the whole of the inheritance;
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(ii) a part or proportion of the property—
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(I) which was to be appropriated to the inheritance;
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or
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(II) out of which property was to be appropriated to the inheritance,
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was situate in the State, that part or proportion of the inheritance.
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(2) For the purposes of subsection (1) (b)—
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(a) “property which was to be appropriated to the inheritance” and “property out of which property was to be appropriated to the inheritance” shall not include any property which was not applicable to satisfy the inheritance; and
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(b) a right to the proceeds of sale of property shall be deemed to be situate in the State to the extent that such property is unsold and situate in the State.
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