As used in this part 14, unless the context otherwise requires:
(1) “Apportionable estate” means the value of the gross estate as finally determined for purposes of the estate
tax to be apportioned, reduced by:
(a) Any claim or expense allowable as a deduction for purposes of the estate tax;
(b) The value of any interest in property that, for purposes of the estate tax, qualifies
for a marital or charitable deduction or is otherwise deductible or exempt; and
(c) Any amount added to the decedent's gross estate because of a gift tax on transfers
made before death.
(2) “Apportionment provision” means any provision of a dispositive instrument having the effect of allocating
estate tax to certain property or recipients, or exonerating certain property or recipients
from liability for estate tax. An apportionment provision may include, but is not equivalent to, a provision affecting
rights of recovery or reimbursement under federal estate tax law.
(3) “Estate tax” means a federal, state, or foreign tax imposed because of the death of an individual
and interest and penalties associated with the tax. The term does not include an inheritance tax, income tax, or generation-skipping
transfer tax other than a generation-skipping transfer tax incurred on a direct skip
taking effect on death.
(4) “Gross estate” means, with respect to an estate tax, all interests in property subject to the estate
(6) “Ratable” means apportioned or allocated pro rata according to the relative values of interests
to which the term is to be applied. “Ratably” has a corresponding meaning.
(7) “Time-limited interest” means an interest in property that terminates on a lapse of time or on the occurrence
or nonoccurrence of an event or that is subject to the exercise of discretion that
could transfer a beneficial interest to another person. The term does not include a cotenancy unless the cotenancy itself is a time-limited
(8) “Value” means, with respect to an interest in property, fair market value as finally determined
for purposes of the estate tax that is to be apportioned, reduced by any outstanding
debt secured by the interest without reduction for taxes paid or required to be paid
or for any special valuation adjustment.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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