Vermont Statutes Title 32 Sec. 7301
Terms Used In Vermont Statutes Title 32 Sec. 7301
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Estate: means the gross estate of a decedent as determined for the purpose of federal estate tax and the estate tax payable to this State. See
- Executor: A male person named in a will to carry out the decedent
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, partnership, association, joint stock company, corporation, government, political subdivision, governmental agency, or local governmental agency. See
- State: means any state, territory, or possession of the United States, the District of Columbia, and the Commonwealth of Puerto Rico. See
- Tax: means the federal estate tax and the estate tax payable to this State and interest and penalties imposed in addition to the tax. See
- Trustee: A person or institution holding and administering property in trust.
§ 7301. Definitions
As used in this chapter:
(1) “Estate” means the gross estate of a decedent as determined for the purpose of federal estate tax and the estate tax payable to this State.
(2) “Person” means any individual, partnership, association, joint stock company, corporation, government, political subdivision, governmental agency, or local governmental agency.
(3) “Person interested in the estate” means any person entitled to receive, or who has received, from a decedent or by reason of the death of a decedent any property or interest therein included in the decedent’s estate. It includes a personal representative, guardian, and trustee.
(4) “State” means any state, territory, or possession of the United States, the District of Columbia, and the Commonwealth of Puerto Rico.
(5) “Tax” means the federal estate tax and the estate tax payable to this State and interest and penalties imposed in addition to the tax.
(6) “Fiduciary” means executor, administrator of any description, and trustee. (Added 1975, No. 240 (Adj. Sess.), § 11.)