§ 67-8-203. Construction With Federal Law
In the application of this part, chapter 11 of the Internal Revenue Code of 1954 (26 U.S.C. § 2001 et seq.), or of any amendment thereto, or of any substituted act, insofar as may be necessary, shall be applied to the same extent as if the provisions were set forth in this part. Except as […]
§ 67-8-111. Payment Deadline. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
The tax imposed by this part for any calendar year shall be paid on or before April 15 following the close of such calendar year.
§ 67-8-112. Determination of Tax by Commissioner. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
As soon as practicable after the return required by § 67-8-110 is filed, the commissioner shall examine it and determine the correct amount of the tax. If the required return is not filed by the donor on or before the date due, the commissioner shall determine the amount of the tax upon the basis of […]
§ 67-8-113. Distress Warrant. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
The commissioner may issue a distress warrant for the collection of the tax imposed under this part, together with interest and penalty on the tax in accordance with § 67-4-110.
§ 67-8-114. [reserved.]
If the tax imposed under this part is not paid by the donor when due, and if a distress warrant directed against the property of such donor has been returned nulla bona, the donee of any gift shall be personally liable for such tax to the extent of the value of such gift.
§ 67-8-101. Taxable Transfers. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
Except as otherwise provided by subdivision (a)(2), a tax is imposed upon the transfer by gift during any calendar year by any person of the following property, or any interest therein: When the transfer is from a resident of this state: Real property situated within this state; Tangible personal property, except such as has an […]
§ 67-8-102. Classification of Donees. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
The following named donees shall be included in: Class A: Husband, wife, son, daughter, lineal ancestor, lineal descendant, brother, sister, stepchild, son-in-law or daughter-in-law. If a person has no child or grandchild, a niece or nephew of such person and the issue of such niece or nephew shall be a donee within this class. For […]
§ 67-8-103. Deductible Gifts. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
The tax provided for in this part shall be computed upon net gifts made during the calendar year. For the purposes of this part, “net gifts” means the total amount of gifts made during such year, less the value of all property transferred to the United States, the state of Tennessee, or to any political […]
§ 67-8-104. Standard Exemptions. [Not Applicable to Any Transfer by Gift Made on or After January 1, 2012, See § 67-8-118.]
There shall be allowed against the net gifts made during any calendar year a maximum single exemption of ten thousand dollars ($10,000) against that portion of the net gifts going to donees of Class A, and a maximum single exemption of five thousand dollars ($5,000) against that portion of the net gifts going to donees […]
§ 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 […]