gross estate


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Related to gross estate: net estate, Unified tax credit

Gross estate

The total value of a person's property and assets before accounting for debts, taxes, and liabilities.

Gross Estate

In estate tax, the sum total value of a decedent's assets plus certain additions before any applicable tax credits or deductions. Gross estate includes, but is not limited to: property (including community property and all savings), certain types of gifts made in the last three years of the decedent's life, property or income transferred before death but under which the decedent maintained use and/or enjoyment, revocable transfers, life insurance, and pensions and annuities with death benefits. See also: Taxable estate.

gross estate

The total dollar value of all the assets in an estate before paying debts and taxes.
References in periodicals archive ?
81) The consideration of an ILIT involves evaluation of the gross estate consequences and the attendant administrative burdens of creating the trust, which necessitates an understanding of sections 2042, 2503(b), and 2514(e) of the Code.
total gross estate, however, the average total taxable estate for all returns decreased between 2009 and 2010, but then increased for returns filed in 2011.
Chenoweth drew attention to the need for the valuation of closely held interests passing to the marital and charitable deductions, which led to consideration of the reverse situation of a controlling interest in the gross estate but only a minority interest passing to the surviving spouse or charity.
Several items are then subtracted from the gross estate to calculate the taxable estate.
With a private annuity the payments to the seller stop at death; consequently, no unpaid amounts are included in the seller's gross estate.
Generally, some or even all of the value of jointly owned property may be includable in the decedent's gross estate for Federal estate tax purposes.
The value included in the gross estate is the FMV of the property on the date of and immediately before the transaction.
Based upon their information, the alternate valuation amounts did not create either a lower gross estate amount or a lower estate tax liability.
The adjusted value of the estate is equal to the total gross estate less the unpaid mortgages on property included in the estate.
The IRS issued final regulations providing guidance on the portion of property (held in trust or otherwise) includible in a grantor's gross estate if the grantor has retained the use of the property or the right to an annuity, unitrust, graduated retained interest or other payment from the property for life, for any period not ascertainable without reference to the grantor's death or for a period that does not in fact end before the grantor's death (T.
The IRS issued final regulations providing guidance on the portion of property (held in trust or otherwise) includible in the grantor's gross estate if the grantor has retained the use of the property or the right to an annuity, unitrust, graduated retained interest, or other payment from the property for life, for any period not ascertainable without reference to the grantor's death, or for a period that does not in fact end before the grantor's death (T.
For estate tax purposes, the value of property included in gross estate is fair market value (FMV), defined as "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of all relevant facts," according to Federal Tax Regulation 20.