Unified Tax Credit

Unified Tax Credit
A tax credit that is afforded to every man, woman and child in America by the IRS. This credit allows each person to gift a certain amount of their assets to other parties without having to pay gift, estate or generation-skipping transfer taxes.

The unified tax credit can be used by taxpayers either before or after death. It is important to keep up to date on it as the unified tax credit can change.

Investment dictionary. . 2012.

Look at other dictionaries:

  • unified tax credit — A federal tax credit that reduces tax liability, dollar for dollar, on lifetime gifts and asset transfers at death. Bloomberg Financial Dictionary …   Financial and business terms

  • unified tax credit — A credit against the federal Unified Transfer Tax, replacing the former lifetime gift tax exemption and the estate tax exemption. I.R.C. No.No. 2010 2505 …   Black's law dictionary

  • unified credit — n: a tax credit applied against the unified transfer tax that is a cumulative credit gradually reduced by the amount of credit allowed for gifts made in preceding calendar periods ◇ The total unified credit allowed as of 1987 is $192,800. The… …   Law dictionary

  • Tax Reform Act of 1976 — The Tax Reform Act of 1976 was passed by the United States Congress in September of 1976, and signed into law by President Gerald Ford on October 4, 1976, becoming USPL|94|455.The act increased the percentage standard deduction to 16% ($2,800… …   Wikipedia

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  • unified transfer tax — n: a tax imposed under the Internal Revenue Code on the cumulative total of gifts made over a certain amount by a person during his or her lifetime or after death – called also unified estate and gift tax; see also unified credit ◇ The unified… …   Law dictionary

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  • tax law — Introduction       body of rules under which a public authority has a claim on taxpayers, requiring them to transfer to the authority part of their income or property. The power to impose taxes is generally recognized as a right of governments.… …   Universalium

  • unified transfer tax — A federal tax levied on the transfer of property through an estate at the time of death or on a taxable transfer by gift. The estate or the donor is responsible for payment of the tax. The unified credit may be applied against the unified… …   Black's law dictionary

  • Estate tax in the United States — This article is about Estate tax in the United States. For other countries, see Inheritance tax. Part of a series on Taxation Taxation in the United States …   Wikipedia

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