unified transfer tax credit
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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… … Law dictionary
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
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 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
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
Tax treaty — Taxation An aspect of fiscal policy … Wikipedia
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
Estate tax in the United States — This article is about Estate tax in the United States. For other countries, see Inheritance tax. Part of a series on Taxation Taxation in the United States … Wikipedia
Gift tax in the United States — A gift tax is a tax imposed on the gratuitous transfer of ownership of property.The tax is generally imposed on the donor (the giver) rather than on the recipient. A transfer is completely gratuitous where the donor receives nothing of value in… … Wikipedia
Economic Growth and Tax Relief Reconciliation Act of 2001 — The Economic Growth and Tax Relief Reconciliation Act of 2001 (USPL|107|16, USStat|115|38, June 72001), was a sweeping piece of tax legislation in the United States. It is commonly known by its abbreviation EGTRRA, often pronounced egg tra or egg … Wikipedia
