§ 67-8-203 — Construction with federal law

(a) 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. (b) Except as otherwise provided in this part, this part shall become of no effect in respect to the Tennessee estate of persons who died subsequent to the effective date of the repeal of chapter 11 of the Internal Revenue Code of 1954, or of the provisions thereof allowing the credit. (c) (1) If chapter 11 of the Internal Revenue Code of 1954 is amended or repealed and a substituted act is enacted by congress imposing an estate, inheritance, succession and/or legacy tax in lieu of the tax imposed by chapter 11, then as to the Tennessee estate of decedents affected by such amendment or by such substituted act, the terms as defined by § 67-8-202 shall relate to chapter 11 as amended, or of the substituted act, as the case may be, and the Tennessee estate tax as to such Tennessee estates shall be computed, imposed and paid accordingly. (2) If chapter 11 of the Internal Revenue Code of 1954 is repealed and a substituted act, as defined in subdivision (c)(1), is enacted, then subsection (b) shall relate to the repeal of such substituted act. Subsection (b) shall also relate to the enactment of any amendment, either to chapter 11 or such substituted act, whereby the allowance of the maximum credit to the extent provided in chapter 11 or to any other extent, shall be finally repealed.

Legislative History

Acts 1929 (Ex. Sess.), ch. 23, §§ 7, 8, 11; Code 1932, §§ 1303, 1304, 1307; modified; Acts 1983, ch. 73, § 15; T.C.A. (orig. ed.), §§ 30-1708, 30-1709, 30-1712.