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marital deduction
(redirected from Marital Deductions)

    Also found in: Legal, Wikipedia 0.01 sec.
Marital deduction
A tax deduction that allow spouses to transfer unlimited amounts of property to one another.
Marital Deduction
A deduction one may take when one transfers assets to one's spouse. All gifts and other transfers to a spouse are tax free; one may take advantage of this to reduce one's taxable income (within certain limits). Most marital deductions occur when one is planning one's estate.
marital deduction
The deduction for tax purposes of property transferred between spouses. For estate and gift purposes, all transfers between spouses are free of federal taxation.
marital deduction

For estate tax and gift tax purposes, the 100 percent deduction granted for assets passing to spouses.
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If an election is made to qualify the trust for the federal and state estate tax marital deductions, the federal election may be void because it does not reduce federal estate tax.
Estate planning under the Bush tax cuts by Harrison, Ellen K. / National Tax Journal
Special rules are provided for computing (1) income for CRUTs and pooled income funds, (2) marital deductions and (3) gains or losses on property distributions.
Final regs. define "income" under sec. 643 by Spoor, F. Gordon / The Tax Adviser
It describes the two types of marital deductions that provide the needed flexibility, the Clayton contingent QTIP trust and the marital deducation disclaimer trust.
Trusts by Legal Publisher
 
 
 
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