Idaho Code > Title 15 > Chapter 3 > Part 13 – Uniform Estate Tax Apportionment
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Terms Used In Idaho Code > Title 15 > Chapter 3 > Part 13 - Uniform Estate Tax Apportionment
- action: as used in this chapter is to be construed, whenever it is necessary so to do, as including a special proceeding of a civil nature. See Idaho Code 5-240
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Apportionable estate: means the value of the gross estate as finally determined for purposes of the estate tax to be apportioned reduced by:
Idaho Code 15-3-1302Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account. Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes. Conviction: A judgement of guilt against a criminal defendant. Decedent: A deceased person. Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Estate tax: means a federal, state, or foreign tax, however denominated, imposed because of the death of an individual and interest and penalties associated with the tax. See Idaho Code 15-3-1302 Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiduciary: A trustee, executor, or administrator. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value. Grantor: The person who establishes a trust and places property into it. Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration. Gross estate: means , with respect to an estate tax, all interests in property subject to the tax. See Idaho Code 15-3-1302 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Lien: A claim against real or personal property in satisfaction of a debt. Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. person: includes a corporation as well as a natural person;
Idaho Code 73-114Plaintiff: The person who files the complaint in a civil lawsuit. Probate: Proving a will Property: includes both real and personal property. See Idaho Code 73-114 Ratable: means apportioned or allocated pro rata according to the relative values of interests to which the term is to be applied. See Idaho Code 15-3-1302 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust). State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114 Time-limited interest: means an interest in property which terminates on a lapse of time or on the occurrence or nonoccurrence of an event or which is subject to the exercise of discretion that could transfer a beneficial interest to another person. See Idaho Code 15-3-1302 Trustee: A person or institution holding and administering property in trust. Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. Value: means , with respect to an interest in property, fair market value as finally determined for purposes of the estate tax that is to be apportioned, reduced by any outstanding debt secured by the interest without reduction:
Idaho Code 15-3-1302