estate tax

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estate tax

n.
A tax imposed on the right to transfer property by inheritance and assessed on the net value of a decedent's estate before distribution to the heirs.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

estate′ tax`


n.
a tax imposed on the net worth of a decedent's property prior to distribution to the heirs. Also called death tax.
[1905–10]
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.estate tax - a tax on the estate of the deceased person
transfer tax - any tax levied on the passing of title to property
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
With this said, individuals must still be mindful of New York State estate taxes.
The amendments on estate taxes were enacted with the end in view of enticing the heirs to declare the real value of their deceased kin's estate and to pay the proper estate tax.
The study showed that larger family farm estates, only about 5 percent of all family farm estates, account for 73 percent of total family farm estate taxes paid.
Although most individuals do not have enough money to be concerned about federal gift and estate taxes, minimizing gift taxes and estate taxes is a primary financial goal for many millionaires and billionaires.
* The Eleventh Circuit affirmed a Tax Court holding that an estate could not deduct the interest expense of a loan to pay estate taxes as an administrative expense because the loan was unnecessary.
Estate taxes are imposed on the net value of an estate, after any exclusions or credits, before there is any distribution to heirs.
The bill will waive all penalties on unpaid estate taxes and instead impose a unitary tax rate of six percent.
Should that occur, it might have ramifications for states with their own estate taxes. Will New York retain its estate tax if there is a complete repeal at the federal level?
In 2012, estate taxes made up just 0.6 percent of total federal tax receipts.
The new tax law also preserves the federal tax deduction for state estate taxes. This provision should remind you that estates may owe state estate tax even if they are exempt from federal estate tax.
A relatively larger share of commercial farms is projected to owe federal estate taxes in 2013 (Figure 1).
The report's author, Stephen Maguire, said there is a perceived need to provide the heirs of family farms and businesses with a break from estate taxes and such businesses are often used as the argument for permanently repealing or modifying the current tax system.