Source: https://www.lawserver.com/law/state/alabama/al-code/alabama_code_title_19_chapter_5
Timestamp: 2020-07-07 06:55:01
Document Index: 554026510

Matched Legal Cases: ['§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19', '§ 19']

Alabama Code > Title 19 > Chapter 5 – Preclusion or Minimization of Generation-Skipping Tax » LawServer
Alabama Code > Title 19 > Chapter 5
Alabama Code > Title 19 > Chapter 5 – Preclusion or Minimization of Generation-Skipping Tax
§ 19-5-1 Definitions
§ 19-5-2 Allocation of GST exemption
§ 19-5-3 Division of trust to which GST exemption allocated into separate trusts for exempt and nonexempt property
§ 19-5-4 Separate trusts for property transferred, etc., from another trust in order to preclude or minimize GST
§ 19-5-5 Division of trust with more than one beneficiary or class thereof for GST purposes into separate share trusts to effectuate allocation of grantor’s, decedent’s, or surviving spouse’s GST exemption
§ 19-5-6 Division of qualified terminable interest property trust into separate share trusts to effectuate allocation of grantor’s, decedent’s, or surviving spouse’s GST exemption; payment of estate taxes
§ 19-5-7 Allocation of distributions from separate trusts
§ 19-5-8 Purpose of chapter
§ 19-5-9 Exercise of authority by fiduciary
§ 19-5-10 Fiduciary not liable for acts in good faith
§ 19-5-11 Applicability of chapter
§ 19-5-12 Chapter effective as to transfers in trust, etc., on and after January 1, 1987
Terms Used In Alabama Code > Title 19 > Chapter 5
board: The board of directors of a corporation. See Alabama Code 11-97-2
bonds: Bonds, notes, or other obligations representing an obligation to pay money. See Alabama Code 11-97-2
corporation: Any public corporation organized pursuant to the provisions of this chapter. See Alabama Code 11-97-2
costs: As applied to a facility or any portion thereof, shall include all or any part of the cost of construction, acquisition, alteration, enlargement, extension, reconstruction, improvement, and remodeling of a facility, including all lands, structures, real or personal property, rights, rights-of-way, franchises, easements, permits, approvals, licenses, and certificates and interests acquired or used for, in connection with or with respect to a facility, the cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring lands to which such buildings or structures may be moved, the cost of all machinery and equipment, financing charges, underwriters' commissions or discounts, interest prior to, during, and following completion of such construction and acquisition, provisions for reserves for both principal and interest and for maintenance, extensions, enlargements, additions, and improvements to any facilities then being or theretofore acquired and all other amounts authorized by any corporation to be paid into any special funds from proceeds of bonds issued by the corporation, the cost of architectural, engineering, financial and legal services, plans, specifications, studies, surveys, estimates of cost and revenues, administrative expenses, expenses necessary or incident to determining the feasibility or practicability of constructing a facility, and such other expenses as may be necessary or incident to the construction and acquisition of a facility, the financing of such construction and acquisition, and the placing of a facility in operation. See Alabama Code 11-97-2
county: Any county in the state. See Alabama Code 11-97-2
DETERMINING COUNTY: With respect to a corporation, any county the governing body of which shall have made findings and determinations of fact pertaining to the organization of such corporation in accordance with the provisions of Section 11-97-3. See Alabama Code 11-97-2
DETERMINING MUNICIPALITY: With respect to a corporation, any municipality the governing body of which shall have made findings and determinations of fact pertaining to the organization of such corporation, in accordance with the provisions of Section 11-97-3. See Alabama Code 11-97-2
DETERMINING SUBDIVISION: With respect to a corporation, any determining county or determining municipality and, with respect to an instrumentality, the county or municipality or combination thereof whose governing body is empowered to incorporate or otherwise establish such instrumentality. See Alabama Code 11-97-2
facility: Property or collections of property used to provide utility services, including all land, rights-of-way, property rights, franchise rights, buildings and other structures, machinery, equipment, vehicles, furniture, fixtures, reservoirs, wells, intakes, mains, laterals, pipes, aqueducts, and all other property, rights, easements, and interests necessary or desirable in connection therewith. See Alabama Code 11-97-2
fiduciary: Includes a personal representative or trustee. See Alabama Code 19-5-1
GOVERNING BODY: With respect to a municipality, its city or town council, board of commissioners, or other like governing body exercising the legislative functions of a municipality and, with respect to a county, its county commission or other like governing body exercising the legislative functions of a county and, with respect to an instrumentality or Tannehill Furnace and Foundry Commission, its board of directors or other like governing body duly constituted to exercise the ultimate decision-making functions of such instrumentality or said Tannehill Furnace and Foundry Commission, as the case may be. See Alabama Code 11-97-2
GOVERNMENTAL USER: Any county or municipality, or any instrumentality of either thereof (including, without limitation to, any corporation incorporated hereunder) or Tannehill Furnace and Foundry Commission, that receives, participates in, or otherwise partakes of utility services pursuant to a utility services agreement. See Alabama Code 11-97-2
gst: The generation-skipping transfer tax imposed by Chapter 13 of the Internal Revenue Code. See Alabama Code 19-5-1
instrumentality: With respect to any county or municipality, any public corporation, public authority, board, commission or other similar body that is incorporated, established, or controlled by such county or municipality. See Alabama Code 11-97-2
INTERNAL REVENUE CODE: The Internal Revenue Code of 1986 as amended from time to time and successor provisions and codifications thereof. See Alabama Code 19-5-1
municipality: An incorporated municipality in the state. See Alabama Code 11-97-2
person: Any natural person, public or private corporation (including, without limitation to, any corporation incorporated hereunder), partnership, trust, foundation, government or governmental body, political subdivision, or other legal entity. See Alabama Code 11-97-2
PERSONAL REPRESENTATIVE: An executor, administrator, special administrator, or a person who performs substantially the same function under the law governing the person's status, and a successor to any of the above. See Alabama Code 19-5-1
provider: Any person that provides utility services to any user pursuant to a utility services agreement. See Alabama Code 11-97-2
revenues: All rentals, receipts, income, and other charges derived or received or to be derived or received by the corporation, from any of the following: The operation by the corporation of a facility or facilities, or part of either thereof; the sale, including installment sales or conditional sales, lease, sublease, or use or other disposition of any facility or portion thereof; repayment of any loan with respect to any facility or the operation thereof; contracts, agreements, or franchises with respect to a facility (or portion thereof); any gift or grant; proceeds of bonds to the extent of use thereof for payment of principal of, interest or premium, if any, on the bonds is authorized by the corporation; proceeds from any insurance, condemnation or guaranty pertaining to a facility or property mortgaged to secure bonds or pertaining to the financing of a facility; and income and profit from the investment of the proceeds of bonds or of any revenues. See Alabama Code 11-97-2
state: The State of Alabama. See Alabama Code 11-97-2
trust: Any express trust, with additions thereto, wherever and however created, or any separate share of a trust, and includes any arrangement, other than an estate, which, although not a trust, has substantially the same effect as a trust. See Alabama Code 19-5-1
trustee: An original, additional, or successor trustee, whether or not appointed or confirmed by a court, and, in the case of an arrangement which is not a trust but which is treated as a trust for purposes of the GST, includes the person in actual or constructive possession of the property subject to such arrangement. See Alabama Code 19-5-1
user: Any person that receives, participates in, or otherwise partakes of utility services pursuant to a utility services agreement, and includes any governmental user. See Alabama Code 11-97-2
UTILITY SERVICES: Any services for (i) the collection, treatment, and delivery of water, whether such water is used for human consumption or industrial use, and (ii) the collection, treatment, and disposal of sewage, wastewater, industrial effluent, or other fluid waste. See Alabama Code 11-97-2
UTILITY SERVICES AGREEMENT: Any agreement between or among one or more users and one or more providers, whether such agreement is in the form of a lease, a service contract, a contract of sale, or in any other form, pursuant to which a provider or providers shall agree to provide one or more utility services to, or for the benefit of, such user or users under circumstances in which the facilities for the provision of such utility services are financed, in whole or in part, by a corporation. See Alabama Code 11-97-2
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