As used in this part, unless the context otherwise requires:

(1) “Federal generation-skipping transfer tax” means the tax imposed by 26 U.S.C. § 2601;

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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.
(2) “Generation-skipping transfer” means a transfer subject to the tax imposed by 26 U.S.C. § 2601 where the original transferor is a resident of Tennessee at the date of the transfer, or the property transferred is real property or tangible personal property with an actual situs in Tennessee; and
(3) “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.S.C.).