gross estate

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Related to Gross Estates: net estate, Taxable estate

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 ?
the marital deduction) that is computed based on the size of the gross estate must be recomputed to take into account the exclusion of such value from the gross estate to properly determine the Sec.
total gross estate increased slightly to $388,987, and the net estate tax liability increased to about $11.
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.
Gross assets, deductions from gross estate, including the charitable deduction, and tax computation information are reported on the Federal estate tax return, making the return a rich source of data on wealthy taxpayers.
2041(a)(2) provides that a decedent's gross estate will include the value of any property over which he held a general power of appointment at the time of death.
27) Specifically, whether a gift is a completed gift for purposes of federal gift tax laws under Chapter 12 of the Code or whether an asset is included in a decedent's gross estate for purposes of federal estate tax laws under Chapter 11 of the Code.
In addition to taking gift tax charitable deductions and efficiently removing property from their gross estates, taxpayers could take income tax deductions for charitable contributions, although the deductions may be limited by factors such as the donor's adjusted gross income and the specific status of the charitable recipients.
5 million or more in total gross estate held a combined $13.
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.
stocks, bonds or mutual funds, these items most likely will be includible in their gross estates, whether or not they are domiciled in the U.
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.