Gross Estate

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Related to Gross Estates: net estate, Taxable estate

Gross Estate

All the real and Personal Property owned by a decedent at the time of his or her death.

The calculation of the value of the gross estate is the first step in the computation that determines whether any estate tax is owed to federal or state governments. Federal and state laws define gross estate for purposes of taxation. Under federal law, the gross estate includes proceeds of life insurance policies that are payable to the decedent's estate, as well as policies to which the decedent retained "incidents of ownership" until his or her death, such as the right to change beneficiaries or to borrow against the cash surrender value of the policy.

Cross-references

Estate and Gift Taxes.

References in periodicals archive ?
6 percent of gross estate to charity, compared to a range of 24.
Set forth in Table 1 are the effective tax rates and charitable contributions for all estates reporting gross estates of $5 million or more from 2002 through 2006.
Conversely, decedents employed in each of the other broad occupation groups had average gross estates below the overall average, $4.
stocks, bonds or mutual funds, these items most likely will be includible in their gross estates, whether or not they are domiciled in the U.
It applied to net estates, defined as the total property owned by a decedent, the gross estate, less deductions.
Further, no deduction for estate taxes paid attributable to the installment receivable was available, because the receivable was not includible in the decedent's gross estate.
In this article, liquid assets include cash, State and local bonds, Federal Government bonds, publicly traded stock, and insurance on the life of the decedent owned by the decedent and included in the total gross estate.
2040 would have included only one-half of the property in the decedent's gross estate.
In 2001, the second highest percentage of nonresident alien estates was in the gross estate category of $60,000 under $100,000, with 24.
22) It proposes: (1) an exclusion from the gross estate for insurance proceeds on the life of the decedent in limited situations; and (2) an alignment of the section 2503(b) (23) annual exclusion amount with the section 2514(e) (24) safe harbor for lapsing powers of appointment for purposes of ILITs.
The IRS ruled that no portion of the trust was includible in the daughter's gross estate under Sec.
These samples were limited to returns filed for decedents who died after 1981 with total gross estates of at least $600,000.