estate tax


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Related to estate tax: inheritance tax, death tax, gift tax, State estate tax

estate tax

n. generally a federal tax on the transfer of a dead person's assets to his heirs and beneficiaries. Although a transfer tax, it is based on the amount in the decedent's estate (including distribution from a trust at the death), and can include insurance proceeds. Currently such federal taxation applies to the amount of an estate above $600,000, or as much as double that amount if the estate is distributed to a wife. Some states have an estate tax, more commonly called an inheritance tax.

References in periodicals archive ?
In return, real estate tax employees asked the Ministry of Justice to join other taxes employees in the incentives and health care scheme.
ASSET has been working closely with staff and members of the House Small Business Committee and members and staff of the Committee on Ways and Means including Chairman Dave Camp to increase awareness of the estate tax problem.
While Republicans campaigned for full repeal of the estate tax late into fall, the Democratic caucus remained split on how to handle the issue legislatively.
Section 301(a) of the 2010 tax act retroactively imposed the federal estate tax on the estates of decedents that died after December 31, 2009, and before January 1, 2011, with adjustments to calculate the tax.
House Bill 2541 would not repeal what critics are fond of mislabeling as the "death tax" - a term that creates the false impression that the estate tax eventually hits everyone.
4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, which would make permanent the 2009 estate tax levels with a top rate of 45 percent and a $3.
Senate Majority Leader Harry Reid has said that the Senate will approve a retroactive estate tax bill when it reconvenes.
The day of reckoning for both the federal and Illinois estate tax systems is 2010.
Bush that we saw real momentum for foundational changes to the estate tax.
estate tax law was changed to provide that the estate tax deduction for property passing to a surviving spouse is allowed only if the spouse is a U.
Under this approach, the contribution of assets to an FLP is disregarded for estate tax purposes.