unified estate and gift tax

Definition of "unified estate and gift tax"
  1. 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
How to use "unified estate and gift tax" in a sentence
  1. After her uncle's passing, she had to compute the unified estate and gift tax due to the high value of the inheritance.
  2. The wealthy businessman had to engage expert accountants to calculate the unified estate and gift tax on his assets.
  3. The large estate required a detailed calculation of the unified estate and gift tax to ascertain the payable amount.

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