gross estate

(redirected from Gross Estates)
Also found in: Dictionary, Thesaurus, Legal.
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 ?
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 under Sec.
In 1995, 78,023 individuals died with gross estates at or above the Federal estate tax filing threshold of $600,000.