§ 67-8-314. Tax Rates. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
The tax imposed upon the value of the net taxable estate of a decedent, distributable in accordance with the classification, deductions, allowances and exemptions set out in this part shall be, respectively, at the following rates: Class A If net taxable estate is: The tax is: Not over $40,000 5.5% of the net taxable […]
§ 67-8-315. Deductions. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
For the purpose of determining the net estate subject to tax, the following deductions shall be deducted from the value of the gross estate; except that, in the case of a transfer other than by will or intestate law, the only deductions permitted shall be liens subject to which the transfer is made and transfer […]
§ 67-8-316. Exemptions. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
For the sole purpose of determining the net taxable estate under this part and part 4 of this chapter, there shall be allowed against the net estate a maximum single exemption against that portion of the estate distributable to one (1) or more beneficiaries of Class A of an amount determined according to the following […]
§ 67-8-317. Credits. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
If the gross estate includes property upon the transfer of which to the decedent a tax was previously and within five (5) years imposed by this state, or property that has been received by the decedent in exchange for property upon which a tax was so imposed, a credit on account of such tax actually […]
§ 67-8-318. Applicability of Part to Decedents Who Die in 2016 or Later
This part does not apply in the case of any decedent who died in 2016 or in any subsequent year.
§ 67-8-306. Life Insurance. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
If the decedent was a resident of this state, there shall be included in the gross estate the proceeds of insurance policies payable to named beneficiaries, or to the decedent’s estate, or in such manner as to be subject to claims against the decedent’s estate and to distribution as a part thereof. This section shall […]
§ 67-8-307. Revocable Trusts. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
The gross estate of a resident shall include property specified in § 67-8-303(a)(1), and the gross estate of a nonresident shall include property specified in § 67-8-303(a)(2) transferred by the decedent by deed of trust in which the decedent reserved to the decedent, alone or in conjunction with others, powers of revocation, alteration or amendment, […]
§ 67-8-308. Transfers to Executors and Trustees. [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
If property is transferred to executors or trustees in lieu of their commissions or allowances, the excess in value of the property so transferred above the amount of commissions or allowances that would be payable in the absence of such transfer, shall be taxable.
§ 67-8-216. Assistants to Commissioner
The commissioner may employ necessary agents, representatives and assistants for the enforcement of this part, and the expense of their employment and all incidental expenses shall be defrayed out of the two and one-half percent (2.5%) of the moneys collected as provided in § 67-8-206, and, in case of suit, out of the penalty provided […]
§ 67-8-217. Violations — Penalties
It is a Class C misdemeanor for any executor to fail to file any affidavit or duplicate federal tax return or other instrument required by this part to be filed, or to pay the tax imposed by this part when payable hereunder, or to comply with and obey any rule or regulation promulgated by the […]