Terms Used In Montana Code > Title 72 > Chapter 16 > Part 10 - Generation-Skipping Transfer Tax

• Department: means the department of revenue provided for in 2-15-1301. See Montana Code 72-16-1001
• Direct skip: has the meaning given in section 2612(c), Internal Revenue Code. 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
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• 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
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
• Testator: A male person who leaves a will at death.