Vermont Statutes Title 32 Sec. 7492
Terms Used In Vermont Statutes Title 32 Sec. 7492
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Taxpayer: means the executor of an estate, the estate itself, the donor of a gift, or any person or entity or combination of these who is liable for the payment of any tax, interest, penalty, fee, or other amount under this chapter. See
§ 7492. Determination of taxable gifts or estate and gift and estate tax liability under the laws of the United States
For purposes of this chapter, a taxpayer‘s taxable gifts or taxable estate or gift or estate tax liability under the laws of the United States shall be determined by reference to the judicial decisions and administrative rulings of the United States.
(1) A determination by the United States that establishes the amount of a taxpayer’s taxable gifts or taxable estate or gift or estate tax liability under the laws of the United States shall be binding on the taxpayer and the State in calculating the taxpayer’s liability to Vermont under this chapter. For purposes of this section, “determination by the United States” means:
(A) a decision by the Tax Court of the United States or a judgment, decree, or other order by any U.S. court of competent jurisdiction that has become final; or
(B) a closing agreement under 26 U.S.C. § 7121.
(2) For any taxable year, the payment to the United States by any taxpayer of an aggregate amount of gift or estate tax, whether under a claim of deficiency, demand, or otherwise, and whether under protest or otherwise, shall be prima facie evidence for purposes of this chapter that the aggregate amount, less any refunds received by the taxpayer from the United States with respect to gift or estate tax payments for that year, as the case may be, constitutes the gift or estate tax liability of the taxpayer under the laws of the United States, and that the items of gifts or of an estate, or of income, deductions, exemptions, and credits with respect to which the gift or estate tax liability was calculated are the items of gifts or of an estate, or of income, deductions, exemptions, and credits of the taxpayer under the laws of the United States.
(3) For purposes of this section, the affidavit of any U.S. district director of internal revenue that a taxpayer:
(A) has paid a specified aggregate amount of gift or estate tax;
(B) has received a specified amount of refund with respect to his or her gift or estate tax payments; or
(C) has paid any amount of tax calculated with respect to specified items of gifts or of an estate, or of income, deductions, exemptions, or credits, shall be prima facie evidence of the truth of those matters set forth in the affidavit. (Added 1969, No. 269 (Adj. Sess.), § 1, eff. date, see note under § 7401 of this title; amended 2021, No. 105 (Adj. Sess.), § 561, eff. July 1, 2022; 2023, No. 6, § 385, eff. July 1, 2023.)