Federal Estate Tax
The Federal estate tax is imposed "on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States." The starting point in the calculation is the "gross estate." Certain deductions (subtractions) from the "gross estate" amount are allowed in arriving at a smaller amount called the "taxable estate."
Read more about this topic: Estate Tax In The United States
Famous quotes containing the words federal, estate and/or tax:
“Daniel as a lad bought a handkerchief on which the Federal Constitution was printed; it is said that at intervals while working in the meadows around this house, he would retire to the shade of the elms and study the Constitution from his handkerchief.”
—For the State of New Hampshire, U.S. public relief program (1935-1943)
“Not a flock of wild geese cackles over our town, but it to some extent unsettles the value of real estate here, and, if I were a broker, I should probably take that disturbance into account.”
—Henry David Thoreau (1817–1862)
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
—Ralph Waldo Emerson (1803–1882)