Montana Code 72-16-601. Definitions
72-16-601. Definitions. For purposes of this part, the following definitions apply:
Terms Used In Montana Code 72-16-601
- 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.
- 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.
- 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: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
- 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
- Trustee: A person or institution holding and administering property in trust.
- United States: includes the District of Columbia and the territories. See Montana Code 1-1-201
(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)”Fiduciary” means personal representative or trustee.
(3)”Person” means any individual, partnership, association, joint-stock company, corporation, government, political subdivision, governmental agency, or local governmental agency.
(4)”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, conservator, and trustee.
(5)”State” means any state, territory, or possession of the United States, the District of Columbia, and the Commonwealth of Puerto Rico.
(6)”Tax” means the federal estate tax and any additional inheritance, estate, or death taxes imposed by the laws of any state and interest and penalties imposed in addition to the tax.