72-16-451. Definitions for deferred payment purposes. As used in 72-16-451 through 72-16-465, the following definitions apply:
     (1) "Adjusted gross estate" means the clear market value of the property passing by reason of a decedent's death determined under Title 72, chapter 16, without reduction for the federal estate tax due or paid. The sum must be determined on the basis of the facts and circumstances in existence on the date on which the tax imposed by Title 72, chapter 16, is determined, but in no event later than a date 18 months after the date of the death of the decedent.
     (2) "Closely held business amount" means the value of the interest in a closely held business that qualifies under 72-16-452(1).
     (3) "Internal Revenue Code" means the Internal Revenue Code of 1954. A reference to a specific section of that code is a reference to that section as it may be labeled or amended.
     (4) "Value" means value determined for the purposes of the Montana inheritance tax.

     History: En. Sec. 13, Ch. 705, L. 1979.