§ 15-12-1402 — Definitions

Colorado § 15-12-1402

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Probate of Wills and Administration

Text

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.

Legislative History

Source: L. 2011: Entire part added, (SB 11-165), ch. 184, p. 699, � 1, effective August 10.