Code of Maine Rules
18 - DEPARTMENT OF ADMINISTRATIVE AND FINANCIAL SERVICES
125 - BUREAU OF REVENUE SERVICES
Chapter 601 - ESTATE TAX
Section 125-601-01 - Definitions

A. Adjusted taxable gifts."Adjusted taxable gifts" has the same meaning as in the Internal Revenue Code ("Code") and other applicable federal law, less taxable gifts made within one year prior to the date of death of the decedent.

B. Allowable deductions."Allowable deductions" means deductions from the federal gross estate as authorized under the Code in calculating the federal taxable estate, excluding the state death tax deduction. "Allowable deductions" includes deductions taken by a Gap estate that would have been allowable if the estate had been required to file a federal estate tax return.

C. Alternate valuation date."Alternate valuation date" means the date of valuation of an estate other than the date of death, as determined under the Code. In the case of an estate that does not incur a federal estate tax, but is taxable to Maine, the alternate valuation must be determined under Code §2032 as if the estate was taxable under federal law.

D. Federal exclusion."Federal exclusion" means the applicable exclusion amount pursuant to the Code. The exclusion amount is the dollar value for which the calculated estate tax is exactly equal to the applicable unified credit.

E. Federal tentative taxable estate."Federal tentative taxable estate" means the federal gross estate less allowable deductions, except the deduction for state taxes.

F. Gap estate."Gap estate" means the estate of a decedent where the value of the gross estate as of the decedent's date of death or alternate valuation date is less than or equal to the federal exclusion amount but more than the Maine exclusion amount.

G. Maine estate tax."Maine estate tax" means the amount of tax due in accordance with Title 36 M.R.S., Chapter 575 and this rule.

H. Maine exclusion."Maine exclusion" means the applicable federal exclusion amount for Maine estate tax purpose. The exclusion amount is the dollar value for which the calculated estate tax is exactly equal to the applicable unified credit under Title 36 M.R.S., Chapter 575. For estates of decedents dying after December 31, 2012, the Maine exclusion amount is $2,000,000.

I. Pro forma federal Form 706."Pro forma federal Form 706" means federal Form 706 prepared as if it were required to be filed federally under the Code.

J. Surviving spouse."Surviving spouse" means an individual who outlived the decedent and who was married, according to the laws of Maine, to the decedent at the time of the decedent's death.

K. Unified credit."Unified credit" has the same meaning as in Code §2010 as of December 31, 2000. The termination provision contained in Code §2210 must be disregarded.