Terms Used In Tennessee Code > Title 67 > Chapter 8 > Part 6 - Generation-Skipping Transfer Tax Law

• 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
• Donor: The person who makes a gift.
• Federal generation-skipping transfer tax: means the tax imposed by 26 U. See Tennessee Code 67-8-602
• Generation-skipping transfer: means a transfer subject to the tax imposed by 26 U. See Tennessee Code 67-8-602
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Grantor: The person who establishes a trust and places property into it.
• 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
• Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
• Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
• Personal property: All property that is not real property.
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• 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
• Statute: A law passed by a legislature.
• Testator: A male person who leaves a will at death.
• Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.