Vermont Statutes Title 32 Sec. 7443
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Terms Used In Vermont Statutes Title 32 Sec. 7443
- 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.
§ 7443. Estate tax reduction for estate of a farmer
The amount of tax determined under section 7442a of this chapter on an estate that qualifies for installment payment of estate taxes under 26 U.S.C. § 6166, and in which the closely held business is the business of farming in Vermont, shall be reduced by the percentage that the value of the closely held farm business, as determined for federal estate tax purposes, bears to the value of the federal adjusted gross estate. (Added 2001, No. 140 (Adj. Sess.), § 21, eff. June 21, 2002; amended 2003, No. 70 (Adj. Sess.), § 51, eff. March 1, 2004.)