Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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
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
estate tax — A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent s estate and not on the heir receiving the property. A tax levied on right to transmit property, while inheritance tax is levied on right to… … Black's law dictionary
estate tax — A tax imposed on the right to transfer property by death. Thus, an estate tax is levied on the decedent s estate and not on the heir receiving the property. A tax levied on right to transmit property, while inheritance tax is levied on right to… … Black's law dictionary
gift tax — n: an excise tax imposed on a donor for gifts of property made during the donor s lifetime see also annual exclusion, gift 3 split gift at gift, unified t … Law dictionary
