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net estate |
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net estate n. the remaining estate of a person who has died, calculated by taking the value of all assets and subtracting all debts of the person who died, including funeral costs, expenses of administering the estate, and any other allowable deductions. The federal estate tax (and/or state inheritance tax where it exists) is then based on the net estate value. (See: gift tax) |
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Before his death, Willet, with the aid of an estate tax attorney, developed a plan that placed his entire net estate in a marital trust at his death. 2053(a) was intended to ensure that only the net estate (i. Form 706 Form 706 Estate Tax (no IRD) (IRD) on IRD Taxable estate $1,165,000 $1,165,000 IRA (IRD) -0- 500,000 Adjusted taxable estate $1,165,000 $1,665,000 Tentative tax $ 413,450 $ 630,050 Less: Unified credit (220,550) (220,550) State death tax credit (42,960) (75,480) Net estate tax/income tax deduction $ 149,940 $ 334,020 $184,080 |
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net estate
