Estate Tax

See also

A federal or state excise tax, usually levied on a graduated basis,… (Read more)

Estate tax in the United States

Estate tax in Connecticut

In brief, the distinction between an estate tax (more in the U.S.) and a succession tax is that the former is a tax upon the transfer of property at death by a decedent, while the latter is, in its essence, a tax upon the right to receive property from the estate (more in the U.S.) of a decedent. McLaughlin v. Green, 136 Connecticut (provision) 138, 140, 69 A.2d 289 (1949).

Estate Tax Definition (in the Accounting Vocabulary)

The New York State Society of Certified Public Accountants offers the following definition of Estate Tax in a way that is easy for anybody to understand: Tax on the value of a DECENDENT’S taxable estate, typically defined as the decedent’s ASSETS less LIABILITIES and certain expenses which may include funeral and administrative expenses.

United States Tax Concept of Estate Tax

The Federal taxes levied on the transfer of property from the deceased to his or her heirs, legatees or devisees. It is based on the fair market value of the decedent’s property at death, less his or her liabilities. The tax begins at a 37% rate – when a decedent’s taxable estate exceeds $650,000. That amount will rise gradually until it reaches $1 million in 2006. For qualifying small business and family farms up to $1.3 million can be free of the estate tax starting in 1998.

Meaning of Estate Tax in the U.S. Legal System

Definition of Estate Tax published by the National Association for Court Management: Generally, a tax on the privilege of transferring property to others after a person’s death. In addition to federal estate taxes, many states have their own estate taxes.

Concept of Estate Tax in the context of Real Property

A short definition of Estate Tax: A tax against the property of a deceased, based on the value of the estate.

Concept of Estate Tax in the context of Real Property

A short definition of Estate Tax: A tax against the property of a deceased, based on the value of the estate.

Estate Tax