Terms Used In Minnesota Statutes > Chapter 291 - Estate Tax

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Bequest: Property gifted by will.
• Commissioner: means the commissioner of revenue or any person to whom the commissioner has delegated functions under this chapter. See Minnesota Statutes 291.005
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Decedent: A deceased person.
• Devise: To gift property by will.
• Executor: A male person named in a will to carry out the decedent
• Federal gross estate: means the gross estate of a decedent as required to be valued and otherwise determined for federal estate tax purposes under the Internal Revenue Code, increased by the value of any property in which the decedent had a qualifying income interest for life and for which an election was made under section 291. See Minnesota Statutes 291.005
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• Internal Revenue Code: means the United States Internal Revenue Code of 1986, as amended through May 1, 2023. See Minnesota Statutes 291.005
• Intestate: Dying without leaving a will.
• 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.
• Legacy: A gift of property made by will.
• Minnesota gross estate: means the federal gross estate of a decedent after (a) excluding therefrom any property included in the estate which has its situs outside Minnesota, and (b) including any property omitted from the federal gross estate which is includable in the estate, has its situs in Minnesota, and was not disclosed to federal taxing authorities. See Minnesota Statutes 291.005
• Minority: means with respect to an individual the period of time during which the individual is a minor. See Minnesota Statutes 645.451
• Nonresident decedent: means an individual whose domicile at the time of death was not in Minnesota. See Minnesota Statutes 291.005
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Pass-through entity: includes the following:

  (i) an entity electing S corporation status under section 1362 of the Internal Revenue Code;

  (ii) an entity taxed as a partnership under subchapter K of the Internal Revenue Code;

  (iii) a single-member limited liability company or similar entity, regardless of whether it is taxed as an association or is disregarded for federal income tax purposes under 26 C. See Minnesota Statutes 291.005

• Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
• Personal property: All property that is not real property.
• Personal representative: means the executor, administrator or other person appointed by the court to administer and dispose of the property of the decedent. See Minnesota Statutes 291.005
• Probate: Proving a will
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Small business: means a business entity organized for profit, including but not limited to any individual, partnership, corporation, joint venture, association or cooperative, which entity:

  (1) is not an affiliate or subsidiary of a business dominant in its field of operation; and

  (2) has 20 or fewer full-time employees; or

  (3) in the preceding fiscal year has not had more than the equivalent of $1,000,000 in annual gross revenues; or

  (4) if the business is a technical or professional service, shall not have had more than the equivalent of $2,500,000 in annual gross revenues in the preceding fiscal year. See Minnesota Statutes 645.445

• state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
• Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
• Testator: A male person who leaves a will at death.
• Trustee: A person or institution holding and administering property in trust.