Montana Code 72-16-1001. Definitions
72-16-1001. Definitions. As used in this part, unless the context requires otherwise, the following definitions apply:
Terms Used In Montana Code 72-16-1001
- Department: means the department of revenue provided for in 2-15-1301. See Montana Code 72-16-1001
- Donor: The person who makes a gift.
- Federal generation-skipping transfer tax: means the tax imposed by section 2601, Internal Revenue Code. See Montana Code 72-16-1001
- Generation-skipping transfer: means the generation-skipping transfer defined in section 2611, Internal Revenue Code, when the original transferor is a resident of Montana on the date of the original transfer or when the property is real or personal property located in Montana. See Montana Code 72-16-1001
- 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.
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended. See Montana Code 72-16-1001
- Original transferor: means any grantor, donor, settlor, or testator who by grant, gift, trust, or will makes a transfer of real or personal property that results in a federal generation-skipping transfer tax. See Montana Code 72-16-1001
- Personal property: All property that is not real property.
- Personal property: means money, goods, chattels, things in action, and evidences of debt. See Montana Code 1-1-205
- Property: means real and personal property. See Montana Code 1-1-205
- Testator: A male person who leaves a will at death.
(1)”Department” means the department of revenue provided for in 2-15-1301.
(2)”Direct skip” has the meaning given in section 2612(c), Internal Revenue Code.
(3)”Federal generation-skipping transfer tax” means the tax imposed by section 2601, Internal Revenue Code.
(4)”Generation-skipping transfer” means the generation-skipping transfer defined in section 2611, Internal Revenue Code, when the original transferor is a resident of Montana on the date of the original transfer or when the property is real or personal property located in Montana.
(5)”Internal Revenue Code” means the Internal Revenue Code of 1986, as amended.
(6)”Original transferor” means any grantor, donor, settlor, or testator who by grant, gift, trust, or will makes a transfer of real or personal property that results in a federal generation-skipping transfer tax.