Tennessee Code 67-8-204 – Tax imposed
Terms Used In Tennessee Code 67-8-204
- 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
- Decedent: A deceased person.
- Decedent: means any person who at the time of death is a domiciliary of the state of Tennessee or who owned real estate situated within this state or tangible personal property having actual situs within this state. 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
- Federal estate tax: means the tax imposed by chapter 11 of the Internal Revenue Code of 1954 ( 26 U. See Tennessee Code 67-8-202
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- State taxes: means the aggregate estate, inheritance, succession, collateral inheritance and/or legacy taxes paid to any state, territory or the District of Columbia, including, also, such taxes of any of those kinds as are imposed by the state of Tennessee other than the Tennessee estate tax imposed by this part, allowable in computing the maximum credit under §. See Tennessee Code 67-8-202
- Statute: A law passed by a legislature.
- 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
In addition to any inheritance, succession and/or estate tax or taxes imposed by the state of Tennessee under the authority of any other statute or statutes, a Tennessee estate tax is imposed for the exclusive use of the state upon the transfer of the Tennessee estate of every decedent, the amount of which Tennessee estate tax shall be equal to the extent, if any, of the excess of the credit over the aggregate of state taxes, payable by or out of the Tennessee estate of the decedent, or any part thereof; provided, that such Tennessee estate tax imposed shall in no case exceed the extent to which its payment will effect a saving or diminution in the amount of the federal estate tax, payable by or out of the estate of the decedent had this part not been enacted.