Terms Used In Tennessee Code > Title 67 > Chapter 8 - Transfer Taxes

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bodily injury: includes a cut, abrasion, bruise, burn or disfigurement, and physical pain or temporary illness or impairment of the function of a bodily member, organ, or mental faculty. See Tennessee Code 39-11-106
• 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
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Credit: means the maximum credit for any estate, inheritance, legacy, or succession taxes paid to any state or territory or the District of Columbia, allowable with respect to the gross federal estate tax by §. See Tennessee Code 67-8-202
• Decedent: A deceased person.
• Decedent: means any person who at the time of death is a domiciliary of the state of Tennessee or who owned real estate situated within this state or tangible personal property having actual situs within this state. See Tennessee Code 67-8-202
• Deed: The legal instrument used to transfer title in real property from one person to another.
• deficiency: means :
  (1) The amount by which the tax imposed by this part exceeds the amount shown as the tax by the donor upon the donor's return. See Tennessee Code 67-8-112
• Department: means the department of revenue. See Tennessee Code 67-8-702
• Donee: The recipient of a gift.
• Donor: The person who makes a gift.
• Donor: means any person responsible for the payment of transfer taxes to the state, including, but not limited to, a personal representative, executor, administrator, individual taxpayer, joint tenant, heir, legatee, devisee, grantee, transferee, trustee, tenant in common, conservator, guardian, custodian, or person interested in an estate or trust. See Tennessee Code 67-8-702
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Estate: means the entire estate, and/or interest in the estate, of the decedent, that is subject to or liable for the payment of the federal estate tax before deducting any losses or exemptions in accordance with the Internal Revenue Code of 1954. See Tennessee Code 67-8-202
• Executor: means any executor of the will or administrator of the estate of a decedent, except an ancillary administrator. See Tennessee Code 67-8-501
• Executor: includes administrator, and any other person liable for the payment of the federal estate tax. See Tennessee Code 67-8-202
• Executor: A male person named in a will to carry out the decedent
• Executor: includes an administrator, where the subject matter applies to an administrator. See Tennessee Code 1-3-105
• Federal estate tax: means the tax imposed by chapter 11 of the Internal Revenue Code of 1954 ( 26 U. See Tennessee Code 67-8-202
• Federal generation-skipping transfer tax: means the tax imposed by 26 U. See Tennessee Code 67-8-602
• Force: means compulsion by the use of physical power or violence and shall be broadly construed to accomplish the purposes of this title. See Tennessee Code 39-11-106
• Generation-skipping transfer: means a transfer subject to the tax imposed by 26 U. See Tennessee Code 67-8-602
• Grand jury: agreement providing that a lender will delay exercising its rights (in the case of a mortgage,
• Grantor: The person who establishes a trust and places property into it.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• In-kind payment: means a payment of transfer taxes or a portion thereof by the transfer to a receiving entity of qualified property. See Tennessee Code 67-8-702
• Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
• Inheritance tax: means any tax levied by a state on account of the transfer or shifting of economic benefits in property at death, or in contemplation thereof, or intended to take effect in possession or enjoyment at or after death, whether denominated an "inheritance tax" "transfer tax" "succession tax" "estate tax" "death duty" "death dues" or otherwise. See Tennessee Code 67-8-501
• Interest in real property having state use value: means any interest in real property that is of unique value to the receiving entity to carry out its stated purposes. See Tennessee Code 67-8-702
• Interested person: means any person who may be entitled to receive, or who has received, any property or interest that may be required to be considered in computing the death tax of any state involved. See Tennessee Code 67-8-501
• Intestate: Dying without leaving a will.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• Legacy: A gift of property made by will.
• Legatee: A beneficiary of a decedent
• Lien: A claim against real or personal property in satisfaction of a debt.
• Lineal descendant: Direct descendant of the same ancestors.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Material: means :
  (A) Any picture, drawing, photograph, undeveloped film or film negative, motion picture film, videocassette tape or other pictorial representation. See Tennessee Code 39-17-1002
• Minor: means any person who has not reached eighteen (18) years of age. See Tennessee Code 39-17-1002
• Minor: means any person who has not attained eighteen (18) years of age. See Tennessee Code 1-3-105
• Nontaxable property: means all parts of the estate or interest in the estate other than the Tennessee estate. See Tennessee Code 67-8-202
• Object of significant artistic or historical value: means any object of art, collection, painting, portrait, mural, photograph, statue, tablet, carving, bas-relief, engraving, relic, coin, furniture, textile, basketry, artifact, natural specimen, rare book, author's papers, or other object of artistic, historical, or technical interest or of intrinsic cultural value. See Tennessee Code 67-8-702
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Patently offensive: means that which goes substantially beyond customary limits of candor in describing or representing such matters. See Tennessee Code 39-17-1002
• Performance: means any play, motion picture, photograph, dance, or other visual representation that can be exhibited before an audience of one (1) or more persons. See Tennessee Code 39-17-1002
• Person: includes the singular and the plural and means and includes any individual, firm, partnership, copartnership, association, corporation, governmental subdivision or agency, or other organization or other legal entity, or any agent or servant thereof. See Tennessee Code 39-11-106
• 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
• Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
• Probate: Proving a will
• Promote: means to finance, produce, direct, manufacture, issue, publish, exhibit or advertise, or to offer or agree to do those things. See Tennessee Code 39-17-1002
• Qualified property: means an object of significant artistic or historical value, a site of significant historical interest, an interest in real property having recreational, conservational or wildlife value, or an interest in real property having state use value. See Tennessee Code 67-8-702
• real property: include lands, tenements and hereditaments, and all rights thereto and interests therein, equitable as well as legal. See Tennessee Code 1-3-105
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Receiving entity: means the state of Tennessee, any department or agency thereof, any county, city, or other political subdivision of the state, or any state museum or state institution of health or education. See Tennessee Code 67-8-702
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Savings and loan association: includes a building and loan association, a federal or state savings and loan association, a federal savings bank, and any other financial institution, the accounts of which are insured by the [former] federal savings and loan insurance corporation (FSLIC) or any successor [repealed] of such corporation. See Tennessee Code 1-3-105
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Sexual activity: means any of the following acts:
  (A) Vaginal, anal or oral intercourse, whether done with another person or an animal. See Tennessee Code 39-17-1002
• Site of significant historical interest: means any real property, building, or fixture, or any combination thereof, of unique and peculiar historical significance. See Tennessee Code 67-8-702
• State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• State taxes: means the aggregate estate, inheritance, succession, collateral inheritance and/or legacy taxes paid to any state, territory or the District of Columbia, including, also, such taxes of any of those kinds as are imposed by the state of Tennessee other than the Tennessee estate tax imposed by this part, allowable in computing the maximum credit under §. See Tennessee Code 67-8-202
• Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
• Taxing official: means the commissioner of revenue, and in any other reciprocal state, the officer or body designated in the statute of such state substantially similar to this part. See Tennessee Code 67-8-501
• Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
• Tennessee estate: means such part of the estate, or interest in the estate, the transfer of which is within the power of the state of Tennessee to subject to the Tennessee estate tax. See Tennessee Code 67-8-202
• Tennessee estate tax: means the tax imposed by this part. See Tennessee Code 67-8-202
• Testator: A male person who leaves a will at death.
• Transfer taxes: means all the taxes imposed by this chapter, including the inheritance, estate, gift and generation-skipping transfer taxes, and interest and penalties thereon. See Tennessee Code 67-8-702
• True bill: Another word for indictment.
• Trustee: A person or institution holding and administering property in trust.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105