Terms Used In Vermont Statutes > Title 32 > Chapter 190 > Subchapter 1 - Purpose; Definitions

• Commissioner: means the Commissioner of Taxes appointed under 3 V. See
• Decedent: A deceased person.
• Donor: The person who makes a gift.
• Executor: A male person named in a will to carry out the decedent
• Executor: means the executor or administrator of the estate of the decedent or, if there is no executor or administrator appointed, qualified, and acting within Vermont, then any person in actual or constructive possession of any property of the decedent. See
• Federal estate tax liability: means for any decedent's estate the federal estate tax payable by the estate under the laws of the United States after the allowance of all credits against the estate tax provided by the laws of the United States. See
• Federal gross estate: means the gross estate as determined under the laws of the United States. See
• Federal taxable estate: means the taxable estate as determined under the laws of the United States. See
• Federal taxable gifts: means taxable gifts as determined under the laws of the United States. See
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• 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.
• 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.
• Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
• Personal property: All property that is not real property.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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
• Vermont taxable estate: means the federal taxable estate as provided under 26 U. See