Tennessee Code 67-8-605 – Administrative and enforcement procedures
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Terms Used In Tennessee Code 67-8-605
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Original transferor: means any grantor, donor, trustor or testator who by grant, gift, trust or will makes a transfer of real or personal property that results in the imposition of a federal generation-skipping transfer tax under applicable provisions of the Internal Revenue Code (26 U. See Tennessee Code 67-8-602
- 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
To the extent not inconsistent with §§ 67-8-603 and 67-8-604, the administrative and enforcement provisions of the inheritance tax law, as stated in parts 3-5 of this chapter, shall be applicable to this part in the event the original transferor is not alive at the time of the transfer. Notwithstanding § 67-8-118, if the original transferor is alive at the time of the transfer, the administrative and enforcement provisions of the gift tax law, as stated in part 1 of this chapter, shall be applicable to this part. Any other administrative or enforcement provision relating to the duty and power of the commissioner of revenue to collect state taxes shall be applicable to this part to the extent not inconsistent with it.