450A.1 - DEFINITIONS.
450A.1 DEFINITIONS. As used in this chapter, unless the context otherwise requires: 1. "Department" means the department of revenue. 2. "Director" means the director of the department of revenue. 3. "Direct skip" means the same as the term is defined in section 2612(c) of the Internal Revenue Code. 4. "Generation skipping transfer" means the generation skipping transfer as defined in section 2611 of the Internal Revenue Code. 5. "Internal Revenue Code" means the same as the term is defined in section 422.3. 6. "Taxable distribution" means the same as the term is defined in section 2612(b) of the Internal Revenue Code. 7. "Taxable termination" means the same as the term is defined in section 2612(a) of the Internal Revenue Code. 8. "Transferee" means a person receiving property in a generation skipping transfer. 9. "Transferor", "trust", "trustee" and "interest" mean the same as those respective terms are defined in section 2652 of the Internal Revenue Code.
Section History: Early Form [C79, 81, § 450A.1]
Section History: Recent Form 84 Acts, ch 1305, § 38; 86 Acts, ch 1245, § 450; 87 Acts, 1st Ex, ch 1, § 17; 88 Acts, ch 1028, §38; 2003 Acts, ch 145, §286