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estate tax |
Also found in: Dictionary/thesaurus, Legal, Financial, Wikipedia, Hutchinson | 0.02 sec. |
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estate tax: see inheritance tax estate tax, which is a tax levied on an entire estate before it is distributed to individuals. The inheritance tax is usually progressive and is determined by the amount of property received by the beneficiary, as well as by his or her relationship to the deceased. ..... Click the link for more information. . estate taxLevy on the value of property changing hands at the death of the owner, fixed mainly by reference to its total value. Estate tax is generally applied only to estates whose value exceeds a set amount, and it is applied at graduated rates. An estate tax was first instituted in the U.S. in 1898 to help finance the Spanish-American War; it was repealed in 1902 but permanently reimposed in 1916, initially to help finance mobilization for World War I. Methods of avoiding estate tax (e.g., gifts and trust funds) were largely foiled by the U.S. Tax Reform Act of 1976. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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It is the first tax treaty to address estate tax inequities that arise between the U. The agency looked at estate tax returns filed in 1999 and 2000 to prepare a report titled "Effects of the Federal Estate Tax on Farms and Small Businesses. Most family-run and smaller companies are understandably concerned about the estate tax and are hard at work to convince Congress of the need for a permanent repeal. |
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