(a) In the application of this part, chapter 11 of the Internal Revenue Code of 1954 ( 26 U.S.C. § 2001 et seq.), or of any amendment thereto, or of any substituted act, insofar as may be necessary, shall be applied to the same extent as if the provisions were set forth in this part.

Terms Used In Tennessee Code 67-8-203

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Code: includes the Tennessee Code and all amendments and revisions to the code and all additions and supplements to the code. See Tennessee Code 1-3-105
  • Credit: means the maximum credit for any estate, inheritance, legacy, or succession taxes paid to any state or territory or the District of Columbia, allowable with respect to the gross federal estate tax by §. See Tennessee Code 67-8-202
  • Estate: means the entire estate, and/or interest in the estate, of the decedent, that is subject to or liable for the payment of the federal estate tax before deducting any losses or exemptions in accordance with the Internal Revenue Code of 1954. See Tennessee Code 67-8-202
  • Legacy: A gift of property made by will.
  • Tennessee estate: means such part of the estate, or interest in the estate, the transfer of which is within the power of the state of Tennessee to subject to the Tennessee estate tax. See Tennessee Code 67-8-202
  • Tennessee estate tax: means the tax imposed by this part. See Tennessee Code 67-8-202
(b) Except as otherwise provided in this part, this part shall become of no effect in respect to the Tennessee estate of persons who died subsequent to the effective date of the repeal of chapter 11 of the Internal Revenue Code of 1954, or of the provisions thereof allowing the credit.
(c)

(1) If chapter 11 of the Internal Revenue Code of 1954 is amended or repealed and a substituted act is enacted by congress imposing an estate, inheritance, succession and/or legacy tax in lieu of the tax imposed by chapter 11, then as to the Tennessee estate of decedents affected by such amendment or by such substituted act, the terms as defined by § 67-8-202 shall relate to chapter 11 as amended, or of the substituted act, as the case may be, and the Tennessee estate tax as to such Tennessee estates shall be computed, imposed and paid accordingly.
(2) If chapter 11 of the Internal Revenue Code of 1954 is repealed and a substituted act, as defined in subdivision (c)(1), is enacted, then subsection (b) shall relate to the repeal of such substituted act. Subsection (b) shall also relate to the enactment of any amendment, either to chapter 11 or such substituted act, whereby the allowance of the maximum credit to the extent provided in chapter 11 or to any other extent, shall be finally repealed.
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