§ 67-8-105. Gifts Between or by Spouses. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
Where a donor transfers during the calendar year by gift an interest in any property specified in § 67-8-101(a) or (b) to a donee who at the time of the gift is the donor’s spouse, there shall be allowed as a deduction, in computing taxable gifts an amount equal to the gift. Section 2523(b)-(g) of […]
§ 67-8-106. Tax Rates. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
The tax imposed by this part with respect to gifts made prior to 1984 shall be computed at the following rates: CLASS A 1.4 percent on amounts from $10,000 to $25,000; 2 percent on the next $25,000 or part thereof; 4 percent on the next $50,000 or part thereof; 5.5 percent on the next $200,000 […]
§ 67-8-107. Valuation of Gift. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
For the purposes of the tax imposed by this part, all property, real and personal, shall be appraised at its full and true value at the time of the making of the gift. Stocks and bonds listed on recognized exchanges shall be appraised by ascertaining their quoted value on the date of the making of […]
§ 67-8-108. Administrative Powers of Commissioner — Assistants. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
The commissioner of revenue, hereinafter called the “commissioner,” has full supervision of the administration and enforcement of this part and of the collection of all taxes imposed thereunder. The commissioner shall make such rules and regulations as may be necessary for its proper interpretation and enforcement. The commissioner is empowered to call upon other departments […]