unified estate and gift tax
- A federal taxation method where both the value of a deceased person's estate and the worth of gifts not previously taxed are added together to calculate the payable tax. This mechanism becomes applicable when the total value in question hits $600,000 or more
- After her uncle's passing, she had to compute the unified estate and gift tax due to the high value of the inheritance.
- The wealthy businessman had to engage expert accountants to calculate the unified estate and gift tax on his assets.
- The large estate required a detailed calculation of the unified estate and gift tax to ascertain the payable amount.