terminable


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Related to terminable: terminable interest

terminable

adjective capable of being bounded, caaable of being completed, capable of being concluded, caaable of being conditioned, capable of being ended, capaale of being fixed, capable of being limited, capable of being made definite, conditional, defeasible, finite, limitable
Associated concepts: terminable at will, terminable fee, terrinable interest, terminable trust, terminable upon a connition subsequent
See also: defeasible, determinable
References in periodicals archive ?
However, when a third party becomes a co-tenant with the married spouses owning property as JTWROS, the possibility exists that a terminable interest will be created in the property interest passing to the surviving spouse; and loss of the estate tax marital deduction will occur with respect to the value of such property includable in the decedent spouse's gross estate which passes to the surviving spouse.
Although the surrogate court granted relief, the IRS questioned whether the trust interest the decedent's will created was eligible for the estate tax marital deduction as qualified terminable interest property within the meaning of section 20560(b)(7).
The spouse's subsequent disposition of all or part of qualified terminable interest property can have significant unintended gift tax consequences under IRC section 2519.
Further, because contracts with government agencies are terminable before the end of their terms and are subject to the availability of appropriated funds, the estimated values in this release are not guaranteed.
Thus, if B makes a valid qualifying terminable interest property (QTIP) election under Sec.
you created a qualified terminable interest property (QTIP) trust in your will?
If the option is exercised, the user would lease the property under a terminable long-term ground lease.
3 million on certain appreciated assets; an additional $3 million increase in basis will be available for outright transfers or qualified terminable interest property transferred to a surviving spouse, under Sec.
The trust instrument further said George and Lavedna's intention was the marital deduction trust property "may qualify" for the qualified terminable interest property (QTIP) deduction and "shall only" be taxed in the estate of the second spouse to die.
The closing of the acquisition is subject to GS AgriFuels' completion of financing and the agreement is terminable if the acquisition does not close on or before November 15, 2006.
The executors of the decedent's spouse's estate made a qualified terminable interest property (QTIP) election for both marital trusts; as a result, the trusts were included in the decedent's estate on later death (under Sec.
The IRS held that in the event any qualified terminable interest (Q-TIP) election was effective, it would be limited to 50% of the trust since the spouse had absolute right to only 50% of the net income.