2013 Vermont Statutes
Title 32 Taxation and Finance
Chapter 190 ESTATE AND GIFT TAXES
§ 7402 Definitions

7402. Definitions

The following definitions shall apply throughout this chapter unless the context requires otherwise:

(1) "Commissioner" means the Commissioner of Taxes appointed under section 3101 of this title.

(2) "Executor" means the executor or administrator of the estate of the decedent, or, if there is no executor or administrator appointed, qualified and acting within Vermont, then any person in actual or constructive possession of any property of the decedent.

(3) "Federal estate tax liability" means for any decedent's estate, the federal estate tax payable by the estate under the laws of the United States after the allowance of all credits against such estate tax provided thereto by the laws of the United States.

(4) "Federal gift tax liability" means for any taxpayer and any calendar year, the federal gift tax payable by the taxpayer for that calendar year under the laws of the United States.

(5) "Federal gross estate" means the gross estate as determined under the laws of the United States.

(6) "Federal taxable estate" means the taxable estate as determined under the laws of the United States.

(7) "Federal taxable gifts" means taxable gifts as determined under the laws of the United States.

(8) "Laws of the United States" means, for any taxable year, the statutes of the United States relating to the federal estate or gift taxes, as the case may be, effective for the calendar year or taxable estate, but with the credit for State death taxes under 26 U.S.C. 2011, as in effect on January 1, 2001, and without any deduction for State death taxes under 26 U.S.C. 2058 .

(9) "Nonresident of Vermont" means a person whose domicile is not Vermont.

(10) "Resident of Vermont" means a person whose domicile is Vermont.

(11) "Taxpayer" means the executor of an estate, the estate itself, the donor of a gift, or any person or entity or combination of these who is liable for the payment of any tax, interest, penalty, fee, or other amount under this chapter.

(12) "Vermont gifts" means, for any calendar year, all transfers by gift, excluding transfers by gift of tangible personal property and real property which have a situs outside Vermont, and also excluding all transfers by gift made by nonresidents of Vermont which take place outside Vermont.

(13) "Vermont gross estate" means for any decedent the value of the federal gross estate under the laws of the United States, excluding the value of real or tangible personal property which has an actual situs outside Vermont at the time of death of the decedent, and also excluding in the case of a nonresident of Vermont the value of intangible personal property owned by the decedent.

(14) "Vermont taxable estate" means the value of the Vermont gross estate, reduced by the proportion of the deductions and exemptions from the value of the federal gross estate allowable under the laws of the United States, which the value of the Vermont gross estate bears to the value of the federal gross estate. (Added 1969, No. 269 (Adj. Sess.), 1, eff. date, see note under 7401 of this title; amended 2001, No. 140 (Adj. Sess.), 13, eff. June 21, 2002.)