Search results for: “estate tax”
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Real Estate Mortgage Investment Conduit
Concept of Real Estate Mortgage Investment Conduit (remic) in the context of Real Property A short definition of Real Estate Mortgage Investment Conduit (remic): Created by the Tax Reform Act Of 1986, the Conduit is a vehicle through which mortgage backed securities can be issued.
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Estate for Life
One who enjoys a life tenancy in real property (more in the United States here), regardless of the manner in which that tenancy was created, is by statute (§ 12-48) liable for taxes on that property notwithsta…
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Real Estate Investment Trusts
Concept of R.e.i.t.(real Estate Investment Trusts) in the context of Real Property A short definition of R.e.i.t.(real Estate Investment Trusts): A method of investing in real estate in a group, with certain tax advantages. Federal and state statutes dictate procedure.
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Que Estate
Legal Definition and Related Resources of Que estate Meaning of Que estate (Lat. quem, statum, or which estate). A plea by which a man prescribes in himself and those whose estate he holds. 2 Bl. Comm. 270; 18 Vlner, Abr. 133-140; Co. Litt. 121a; […]
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Gift Tax
See also A tax that applies to gratuitous transfers of property during the taxpayer’s… (Read more)…
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Tax Sale
A sale of lands for the nonpayment of taxes assessed thereon. A sale made in a proceeding in rem. 108 111. 334. …
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Residuary Estate
What remains of testator’s estate after deducting the debts and the bequests and devises. …
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Transfer Tax
Transfer Tax Definition (in the Accounting Vocabulary)The The New York State Society of Certified Public Accountants offers the following definition of Transfer Tax in a way that is easy for anybody to understand: Combined federal TAX on gifts and estates.
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Federal Tax Lien
Concept of Federal Tax Lien in the context of U.S. Real Property A short definition of Federal Tax Lien: A lien attaching to property for nonpayment of a federal tax (estate, income, etc.). A federal tax lien differs from other liens in that it is not automatically wiped out by foreclosing on […]
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Life Estate
An estate held for the life of the party holding same or for some other person or persons. In the latter case, the estate is called an estate pur autre vie . In re Smvthe’s Estate, 282 P.2d 141, 132 C.A.2d 343. A life estate is an estate of freehold in that it is of…
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Real Estate
The primary meaning of the term is land and tenements, and corporeal as well as certain incorporeal hereditaments. However, the term has by statutes and judicial decisions acquired extended meaning. Thus, oil and gas lease has been held to be real estate . See U.S. v Texas Eastern […]
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Intestate Succession
The disposition of property according to the laws of descent and distribution upon the death of a person who has left no will or who has left a portion of his estate unaccounted for.
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Real Estate Investment Trust (Reit)
An organization similar to an investment company in some respects but concentrating its holdings in real estate investments. The yield is generally liberal since REITs are required to distribute as much as 90% of their income. (See: Investment company)…
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Equitable Estate
An estate or interest in land by operation of equity , such as the estate or title of a person for whose use or benefit lands are held in trust by another, the latter having the legal estate .