n.
A tax imposed on the privilege of receiving property by inheritance or legal succession and assessed on the value of the property received. Also called death tax.
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American Heritage Dictionary:
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Britannica Concise Encyclopedia:
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For more information on inheritance tax, visit Britannica.com.
Barron's Business Dictionary:
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Columbia Encyclopedia:
inheritance tax |
In the United States, the federal government levied inheritance taxes during the Civil War period and again during the Spanish-American War; since 1916, however, a progressive estate tax has been imposed. The U.S. tax law of 1981 greatly reduced estate and gift taxes by raising exemptions (from $175,000 to $600,000) and lowering rates, and a 2001 law calls phase out the federal estate tax by 2012; estate taxes in 40 states that are based on the federal tax credit for state estate taxes would be phased out in 2006.
Investopedia Financial Dictionary:
Inheritance Tax |
In some states in the U.S. (and in the United Kingdom), a tax imposed on those who inherit assets from a deceased person. The tax rate for inheritance taxes depends on the value of the property received by the heir or beneficiary and his/her relationship to the decedent.
Inheritance tax is known in some countries as a "death duty" and is occasionally called "the last twist of the taxman's knife".
Investopedia Says:
Inheritance tax is not the same as estate tax, which is imposed on the total value of a person's estate when that person dies. Rather, inheritance tax is imposed on the property that is passed to an heir.
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Wikipedia on Answers.com:
Inheritance tax |
An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died.[1] In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the "inheritance tax" in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax.
In some jurisdictions the term used is death duty. For historical reasons that term is used colloquially (though not legally) in the United Kingdom and some Commonwealth nations.
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Some jurisdictions formerly had estate or inheritance taxes, but have abolished them:
Some states of the United States impose inheritance or estate taxes (see Inheritance tax at the state level):
In some jurisdictions, when assets are transferred by inheritance, any unrealized increase in the value of those assets is subject to capital gains tax, payable immediately. This applies in Canada, which has no inheritance tax. (see Taxation in Canada)
Where a jurisdiction has both capital gains tax and inheritance tax, it is usual to exempt inheritances from capital gains tax.
In some jurisdictions death gives rise to the local equivalent of gift tax (see Austria, for example). This was the model in the United Kingdom during the period before the introduction of Inheritance Tax in 1986, where estates were charged to a form of gift tax called Capital Transfer Tax. Where a jurisdiction has both gift tax and inheritance tax, it is usual to exempt inheritances from gift tax. Also, it is common for inheritance taxes to share some features of gift taxes, by taxing some transfers which happen during the lifetime of the giver rather than on death. The United Kingdom, for example, subjects "lifetime chargeable transfers" (usually gifts to trusts) to inheritance tax.
This entry is from Wikipedia, the leading user-contributed encyclopedia. It may not have been reviewed by professional editors (see full disclaimer)
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