Tennessee Code 67-8-602 – Part definitions
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As used in this part, unless the context otherwise requires:
Terms Used In Tennessee Code 67-8-602
- Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
- Donor: The person who makes a gift.
- Federal generation-skipping transfer tax: means the tax imposed by 26 U. See Tennessee Code 67-8-602
- Generation-skipping transfer: means a transfer subject to the tax imposed by 26 U. See Tennessee Code 67-8-602
- 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.
- Original transferor: means any grantor, donor, trustor or testator who by grant, gift, trust or will makes a transfer of real or personal property that results in the imposition of a federal generation-skipping transfer tax under applicable provisions of the Internal Revenue Code (26 U. See Tennessee Code 67-8-602
- Personal property: All property that is not real property.
- Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Testator: A male person who leaves a will at death.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.