gross estate


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Related to gross estate: net estate, Unified tax credit
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.gross estate - the total valuation of the estate's assets at the time of the person's death
estate - everything you own; all of your assets (whether real property or personal property) and liabilities
References in periodicals archive ?
Part 1 discusses the unified federal estate and gift tax rules, the exemption amount, the definition of a gross estate, gifts made within three years of death, estate valuation, and portability.
For residents and citizens, all properties, wherever they may be located, are included in the gross estate.
The enactment of DAPT laws in South Dakota and various other states has caused debate as to whether transfers to such trusts can be structured as completed gifts for federal gift tax purposes and whether the assets transferred to such trusts by a settlor can effectively be removed from a settlor's gross estate for federal estate tax purposes.
Estate tax is a tax on the privilege of the deceased to transmit property based on his gross estate or the market value of his properties at the time of death.
Proceeds are includable in an insured's gross estate if the insured possesses any of the following incidents of ownership at his or her death:
gross estate, tangible personal property and real property must be physically located in the United States.
The value of all other items includible in the gross estate that qualify for the marital deduction.
The court first determined that the decedent had possessed a reversionary interest in the life insurance policy and therefore the policy proceeds were fully includable in his gross estate.
1577 (1987), the Tax Court concluded that valuation for purposes of the marital or charitable deductions may not be the same as for purposes of the gross estate.
Calculation starts with determining what is includable in the decedent's gross estate (see Q 7565).
If payable to decedent's estate, the value of the post-death payment or payments is includable in his gross estate under IRC Section 2033, as a property interest owned by him at the time of his death.