marital deduction

marital deduction
noun
1. : a deduction according to the provisions of the United States Internal Revenue Code from the taxable gross estate that amounts to the value of any property interest included therein and given by will, inheritance, survivorship or otherwise by a decedent to his or her surviving spouse provided that interest is not terminable during the life of the survivor but that is limited to one half the value of the adjusted gross estate — compare community property, estate tax
2. : the right under the United States gift tax law to deduct one half the value of any gift by one spouse to the other and to have gifts made by the spouses to a third person treated as though made one half by each — compare community property, gift tax

* * *

marital deduction,
a tax deduction in the United States of up to one-half the net value of an estate which a deceased leaves to his spouse.

Useful english dictionary. 2012.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • marital deduction — see deduction Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. marital deduction …   Law dictionary

  • Marital deduction — is a type of tax law that allows a person to give assets to his or her spouse with reduced or no tax imposed upon the transfer. Some marital deduction laws even apply to transfers made postmortem. Spouses can transfer property between themselves… …   Wikipedia

  • Marital Deduction — A tax deduction that allows an individual to transfer some assets to his or her spouse tax free, creating a reduction in taxable income. A marital deduction is mainly used for the purposes of estates and gifts. The Internal Revenue Service has… …   Investment dictionary

  • marital deduction trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • marital deduction — A tax deduction that allow spouses to transfer unlimited amounts of property to one another. Bloomberg Financial Dictionary …   Financial and business terms

  • marital deduction — A deduction in computing the taxable estate for federal estate tax purposes, limited to one half of the decedent s adjusted gross estate, of property passing to the surviving spouse. IRC § 2056(a) …   Ballentine's law dictionary

  • Unlimited Marital Deduction — A provision in United States Federal Estate and Gift Tax Law that allows an individual to transfer an unrestricted amount of assets to his or her spouse at any time, including at the death of the transferor, free from tax. The unlimited marital… …   Investment dictionary

  • deduction — de·duc·tion n 1: an amount allowed by tax laws to be subtracted from income in order to decrease the amount of income tax due see also internal revenue code in the important laws section compare credit, ex …   Law dictionary

  • marital — /maeratal/maraytal/ Relating to, or connected with, the status of marriage; pertaining to a husband; incident to a husband @ marital agreements Contracts between parties who are either on the threshold of marriage or on the verge of separation,… …   Black's law dictionary

  • marital — /maeratal/maraytal/ Relating to, or connected with, the status of marriage; pertaining to a husband; incident to a husband @ marital agreements Contracts between parties who are either on the threshold of marriage or on the verge of separation,… …   Black's law dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”