Tennessee Code 67-8-115 – Liability of donee
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Terms Used In Tennessee Code 67-8-115
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes both personal and real property. See Tennessee Code 1-3-105
[Not applicable to any transfer by gift made on or after January 1, 2012, see 67-8-118.]
If the tax imposed under this part is not paid by the donor when due, and if a distress warrant directed against the property of such donor has been returned nulla bona, the donee of any gift shall be personally liable for such tax to the extent of the value of such gift.