Term
|
Definition
| An excise tax levied on the right to transfer property at death, imposed upon and measured by the value of the taxable estate left by the decedent. |
|
|
Term
|
Definition
| An amount determined by totaling the value of all assets that the decedent had an interest in, which are required to be included in the estate by the Internal Revenue Code. |
|
|
Term
Income In Respect of a Decedent
IRD |
|
Definition
| Income that was earned by a cash-basis taxpayer but not actually or constructively received by the taxpayer's date of death. |
|
|
Term
|
Definition
| Elements of ownership or degree of control over a life insurance policy. |
|
|
Term
|
Definition
| A wife's right to a life estate in her deceased husband's real property. |
|
|
Term
|
Definition
| The rule whereby the decedent's gross estate is increased by the amount of any gift tax the decedent or the estate paid on a gift made by the decedent or the decedent's spouse after December 31, 1976, within the last 3 years of the decedent's life. |
|
|
Term
|
Definition
| Trusts created by two individuals in which each party is a beneficiary of the trust established by the other party. The trusts are typically identical except that the creator and beneficiary are reversed on each document. |
|
|
Term
|
Definition
| A corporation in which the decedent directly or indirectly owned or had the right, either alone or with any other person, to vote stock having at least 20 percent of the total combined voting power of all classes of stock. |
|
|
Term
|
Definition
| A power that allows an individual to consume or invade property for his or her own benefit, but the power is limited by a standard having a value that is ascertainable, such as the power to use or invade property for the individual's health, education, support, and/or maintenance. |
|
|
