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
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—Ronald Reagan (b. 1911)
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—Susan Pecker Fowler (1823–1911)