- unified transfer tax
unified transfer tax n: a tax imposed under the Internal Revenue Code on the cumulative total of gifts made over a certain amount by a person during his or her lifetime or after death – called also unified estate and gift tax; see also unified credit◇ The unified transfer tax system creates liability for a single tax rather than separate liability for a gift tax and an estate tax.
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
Look at other dictionaries:
unified transfer tax — A federal tax levied on the transfer of property through an estate at the time of death or on a taxable transfer by gift. The estate or the donor is responsible for payment of the tax. The unified credit may be applied against the unified… … Black's law dictionary
transfer tax — A tax upon the passing of the title to property or a valuable interest therein out of or from the estate of a decedent, by inheritance, devise, or bequest. See estate tax inheritance tax unified transfer tax Tax on the transfer of property,… … Black's law dictionary
tax — 1 vt [Medieval Latin taxare to assess for taxation, tax, from Latin, to assess, value, fix] 1: to assess or determine judicially the amount of (costs of an action in court) 2: to levy a tax on tax the corporation tax capital gains tax·er n tax 2 … Law dictionary
unified credit — n: a tax credit applied against the unified transfer tax that is a cumulative credit gradually reduced by the amount of credit allowed for gifts made in preceding calendar periods ◇ The total unified credit allowed as of 1987 is $192,800. The… … Law dictionary
unified tax credit — A credit against the federal Unified Transfer Tax, replacing the former lifetime gift tax exemption and the estate tax exemption. I.R.C. No.No. 2010 2505 … Black's law dictionary
unified estate and gift tax — See unified transfer tax … Black's law dictionary
tax law — Introduction body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property. The power to impose taxes is generally recognized as a right of governments.… … Universalium
Tax treaty — Taxation An aspect of fiscal policy … Wikipedia
Unified Tax Credit — A tax credit that is afforded to every man, woman and child in America by the IRS. This credit allows each person to gift a certain amount of their assets to other parties without having to pay gift, estate or generation skipping transfer taxes.… … Investment dictionary
estate tax — n: an excise in the form of a percentage of the taxable estate that is imposed on a property owner s right to transfer the property to others after his or her death – called also succession tax; see also unified transfer tax compare gift tax,… … Law dictionary