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)
“Sweet are the thoughts that savour of content,
The quiet mind is richer than a crown;
Sweet are the nights in careless slumber spent,
The poor estate scorns Fortune’s angry frown.
Such sweet content, such minds, such sleep, such bliss,
Beggars enjoy, when princes oft do miss.”
—Robert Greene (1558?–1592)
“But the tax collector, standing far off, would not even look up to heaven, but was beating his breast and saying, ‘God, be merciful to me, a sinner!’”
—Bible: New Testament, Luke 18:13.