generation-skipping transfer tax
- generation-skipping transfer tax
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A federal tax imposed on large amounts of money given or left to a grandchild or great-grandchild. Its purpose is to keep families from avoiding the estate tax that would be due if the oldest generation left property to their children, who then left it to their children (the original giver's grandchildren). Currently, the exempt amount is $3.5 million, so this tax applies only to people wealthy enough to transfer more than that to their grandchildren. It is imposed in addition to any estate tax due.
Category: Wills, Trusts & Estates → Estate Tax
Nolo’s Plain-English Law Dictionary.
Gerald N. Hill, Kathleen Thompson Hill.
2009.
- generation-skipping transfer tax
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Webster's New World Law Dictionary.
Susan Ellis Wild.
2000.
Look at other dictionaries:
generation–skipping transfer tax — n: a transfer tax on a generation skipping transfer – called also generation skipping tax; Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
Generation-skipping transfer tax — The U.S. Generation skipping transfer tax imposes a tax on both outright gifts and transfers in trust to or for the benefit of persons two or more generations younger than the donor, such as grandchildren. The generation skipping tax will be… … Wikipedia
generation-skipping transfer tax — The 1986 Tax Reform Act imposes a generation skipping transfer tax on (1) transfers under trusts (or similar arrangements) having beneficiaries in more than one generation below that of the transferor, and (2) direct transfers to beneficiaries… … Black's law dictionary
generation-skipping transfer tax — The 1986 Tax Reform Act imposes a generation skipping transfer tax on (1) transfers under trusts (or similar arrangements) having beneficiaries in more than one generation below that of the transferor, and (2) direct transfers to beneficiaries… … Black's law dictionary
Form 706-NA: United States Estate (And Generation-Skipping Transfer) Tax Return — A tax form distributed by the Internal Revenue Service (IRS) that used to calculate the generation skipping transfer tax liability for estates of non resident aliens of the United States. The generation skipping tax is levied when the transfer of … Investment dictionary
generation-skipping transfer tax — /ˌdʒenəreɪʃ(ə)n skɪpɪŋ trænsf : tæks/ noun US a tax on property left to grandchildren or great grandchildren with the intention of avoiding paying estate duties. Abbreviation GSTT … Dictionary of banking and finance
generation-skipping transfer — n. A transfer of wealth that passes over one generation to go down to a younger one, e.g., a transfer from grandparents straight to grandchildren. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney… … Law dictionary
generation–skipping transfer — n: a transfer of property or of an interest in property that is to a person of a generation more than one generation below that of the transferor and that can be characterized as a taxable termination, a taxable distribution, or a direct skip see … Law dictionary
Form 706: United States Estate (And Generation-Skipping Transfer) Tax Return — A tax form distributed by the Internal Revenue Service (IRS) used by the executor of an estate to determine if any taxes are owed. Form 706 is to be completed by the executor if the decedent is a U.S. resident or citizen, and the decedent s gross … Investment dictionary
Form 706-GS(D): Generation-Skipping Transfer Tax Return For Distributions — A tax form distributed by the Internal Revenue Service (IRS) that is used to calculate taxes due on trust distributions that are subject to a generation skipping tax (GST). Form 706 GS(D) is used by any taxpayer who receives a taxable… … Investment dictionary
