Gross Estate


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Related to Gross Estate: net estate, Unified tax credit

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 ?
31,1976, other than gifts that are includible in the gross estate of the decedent.
Estate tax is based on the value of the net estate (that is, the gross estate less deductions and the share of the surviving spouse if the deceased is married), so maximizing allowable deductions under tax laws would lessen the amount of tax.
27) Specifically, whether a gift is a completed gift for purposes of federal gift tax laws under Chapter 12 of the Code or whether an asset is included in a decedent's gross estate for purposes of federal estate tax laws under Chapter 11 of the Code.
Judicial expenses of Testamentary or Intestate proceedings incurred in the inventory taking of assets comprising the gross estate, attorney's fees, broker's fees, etc.
Can an insured remove existing life insurance from his or her gross estate by an absolute assignment of the policy but retaining a reversionary interest?
The average total gross estate declined a total of 23.
This creates an incongruity between the values included in the gross estate and the calculation for purposes of the marital deduction.
In Chenoweth, the Tax Court assumed that the accepted value of the 100 percent block in the gross estate included a control premium, but if that were the case, the control premium on the 51 percent block could not have exceeded the premium on the 100 percent block.
Deductions for funeral and administration expenses, debts and taxes, and losses are subtracted from the gross estate to produce an adjusted gross estate.
Even with these five steps in mind, determining the estate tax is not as simple as it may appear; the property included in a decedent's gross estate is far from intuitive.
If the death benefit is payable to a named beneficiary and annuitant purchased the contract (after March 3, 1931), the value of the death benefit is generally includable in his gross estate under IRC Section 2039--whether or not the right was reserved to change the beneficiary.
Generally, the gross estate includes all property of any description and wherever located, to the extent the decedent had any interest in the property at the time of death.