Dept. of Revenue v. First Nat. Bank of Oregon

This is an appeal by the Department of Revenue from a decree of the Circuit Court for Multnomah County ruling that United States Treasury bonds in each of the three estates were properly appraised at their full and true value on the date of decedent’s death. The Department contends that those United States Treasury bonds in each of the estates which were utilized at the higher par value in the payment of federal estate taxes should be appraised at par value in computing Oregon inheritance taxes.

The trial court’s opinion succinctly sets out the applicable Oregon law:

“OES 118.640 provides as…