Except where the context otherwise requires, the following definitions shall govern the construction of this chapter: (a) âGeneration-skipping transfer taxâ means a tax imposed by any federal or California generation-skipping transfer tax law, now existing or hereafter enacted, and includes interest and penalties on any deficiency. (b) âPropertyâ means property on which a generation-skipping transfer tax is imposed. (c) âTransfereeâ means any person who receives, who is deemed to receive, or who is the beneficiary of, any property. (d) âTrusteeâ means any person who is a trustee within the meaning of the federal generation-skipping transfer tax law, or who is otherwise required to pay a generation-skipping transfer tax. (e) âValueâ means fair market value as determined for generation-skippi ng transfer tax purposes.
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.