Tennessee Code 67-8-704 – In-kind payment – Credit – Deferral – Limitation
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Terms Used In Tennessee Code 67-8-704
- Department: means the department of revenue. See Tennessee Code 67-8-702
- Donor: The person who makes a gift.
- Donor: means any person responsible for the payment of transfer taxes to the state, including, but not limited to, a personal representative, executor, administrator, individual taxpayer, joint tenant, heir, legatee, devisee, grantee, transferee, trustee, tenant in common, conservator, guardian, custodian, or person interested in an estate or trust. See Tennessee Code 67-8-702
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- In-kind payment: means a payment of transfer taxes or a portion thereof by the transfer to a receiving entity of qualified property. See Tennessee Code 67-8-702
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- Qualified property: means an object of significant artistic or historical value, a site of significant historical interest, an interest in real property having recreational, conservational or wildlife value, or an interest in real property having state use value. See Tennessee Code 67-8-702
- Receiving entity: means the state of Tennessee, any department or agency thereof, any county, city, or other political subdivision of the state, or any state museum or state institution of health or education. See Tennessee Code 67-8-702