5 million or more in gross estate
for filing years 2008 through 2010.
The large estates made charitable contributions that, calculated as a percentage of gross estates
, ranged from two to almost three times the contributions made by smaller estates.
More than 16 percent of estates with gross estates
of less than $2.
domicile, all of their assets are includible in their Federal gross estates
While the value of the gross estate
at the date of death determined whether an estate tax return had to be filed, the act allowed an estate to be valued, for tax purposes, 1 year after the decedent's death.
691(c) allows the IRD recipient an income tax deduction for estate tax paid that is attributable to inclusion of net IRD in the decedent's gross estate
For estate tax purposes, the value of property included in gross estate
, including real property, is generally the fair market value based on property's potential "highest and best use.
To qualify for this relief, the asset(s) must be (a) a closely held business engaged in an active trade or business within the meaning of the Code, (b) included in the decedent's gross estate
and (c) have a value greater than 35% of the adjusted gross estate
total gross estate
increased slightly to $388,987, and the net estate tax liability increased to about $11.
31) Without the gift tax, tax-free lifetime gifts could be used to deplete an individual's gross estate
in an effort to avoid or minimize estate tax liability.
The Tax Court held that the trust was fully includible in the decedent's gross estate
In 1995, 78,023 individuals died with gross estates
at or above the Federal estate tax filing threshold of $600,000.