excluded property

excluded property

property which is not taken into account in determining the assets of an estate for INHERITANCE TAX purposes.
References in periodicals archive ?
39) Excluded property would include property acquired gratuitously, such as "gifts and inheritances to one spouse", as well as property acquired pre-and post-relationship.
The secured notes will be secured by first priority liens on the plant, property and equipment (other than certain excluded property, and subject to permitted liens) of AK Steel and the subsidiary guarantors and any proceeds of the foregoing.
Even a charitable deduction obtained from a donation of excluded property would lack the requisite transactional nexus because the donation is an act independent of the receipt, and the donation could have been made with cash or other property.
If the tiles had been damaged, that would be excluded property damage, but since exclusions have to be read and applied narrowly and in favor of the insured whenever reasonably possible, the damage to the tubs is just collateral and indirect damage since the subcontractor was not actually working on the tubs.
If grandparents have an inheritance tax problem, they could shelter their IHT liabilities through excluded property or discounted gift trust arrangements, releasing a stream of income to fund for their grandchildren's education fees.
Since these excluded property taxes and assessment meet all operating expenses, it allows the agency to provide a gross revenue pledge with strong coverage levels.
Even if the CFA2 shares were to retain their excluded property status, any foreign accrual property income (FAPI) earned by CFA2 would be taxable in Canada.
the "Receiver") was appointed as interim receiver and receiver and manager of the assets, undertakings and properties of Ravelston and RMI, subject to certain excluded property.
The explanatory notes state that paragraph (b) is being amended to clarify that shares will qualify as excluded property only if all or substantially all of the fair market value of the property of the other foreign affiliate is attributable to property of the other affiliate that is excluded property.
Any gain on the sale of shares that are excluded property to a "specified purchaser" will be suspended until such time as the shares are disposed of by the specified purchaser or the purchaser ceases to meet the definition of specified purchaser.
all excluded property (including shares of another foreign affiliate), not only capital property used in carrying on an active business.