North Carolina General Statutes 28A-27-1. Definitions
For the purposes of this Article:
(1) “Estate” means the gross estate of a decedent as determined for the purpose of the federal estate tax.
(2) “Fiduciary” includes a personal representative and a trustee.
(3) “Person” means any individual, partnership, association, joint stock company, corporation, governmental agency, including any multiples or combinations of the foregoing as, for example, individuals as joint tenants.
(4) “Person interested in the estate” means any person, including a personal representative, guardian, or trustee, entitled to receive, or who has received, from a decedent while alive or by reason of the death of a decedent any property or interest therein included in the decedent’s taxable estate.
(5) “State” means any state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
(6) “Tax” means the net Federal Estate Tax due, after application of any available unified transfer tax credit, and interest and penalties imposed in addition to the tax. (1985 (Reg. Sess., 1986), c. 878, s. 1.)
Terms Used In North Carolina General Statutes 28A-27-1
- 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.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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.
- Personal representative: includes both an executor and an administrator, but does not include a collector. See North Carolina General Statutes 28A-1-1
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- Trustee: A person or institution holding and administering property in trust.
- United States: shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3