Montana Code 72-16-1002. Imposition of tax
72-16-1002. Imposition of tax. (1) A tax is imposed on each generation-skipping transfer, other than a direct skip, occurring at the same time and as a result of the death of an individual, in an amount equal to the maximum federal credit allowable under section 2604, Internal Revenue Code.
Terms Used In Montana Code 72-16-1002
- Direct skip: has the meaning given in section 2612(c), Internal Revenue Code. See Montana Code 72-16-1001
- Federal generation-skipping transfer tax: means the tax imposed by section 2601, Internal Revenue Code. See Montana Code 72-16-1001
- Generation-skipping transfer: means the generation-skipping transfer defined in section 2611, Internal Revenue Code, when the original transferor is a resident of Montana on the date of the original transfer or when the property is real or personal property located in Montana. See Montana Code 72-16-1001
- Internal Revenue Code: means the Internal Revenue Code of 1986, as amended. See Montana Code 72-16-1001
- Property: means real and personal property. See Montana Code 1-1-205
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)If any of the property transferred is real property in another state or personal property located in another state that requires the payment of a tax for which credit is received against the federal generation-skipping transfer tax, the tax due under subsection (1) must be reduced by an amount that bears the same ratio to the total state tax credit allowable for federal generation-skipping transfer tax purposes as the value of the property taxable in the other state bears to the value of the gross generation-skipping transfer for federal generation-skipping transfer tax purposes.