2018 Colorado Revised Statutes
Title 15 - Probate, Trusts, and Fiduciaries
Colorado Probate Code
Article 12 - Probate of Wills and Administration
Part 14 - Colorado Uniform Estate Tax Apportionment Act
§ 15-12-1402. Definitions
- 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 tax.
(5) "Person" has the same meaning as set forth in section 15-10-201 (38).
(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 interest.
(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.
