For Unified Credit we have terms and definitions in 3 topics. The topics are Charitable Donation, Charitable Donations and Fundraising.

Unified Credit (Charitable Donation)

A federal tax credit that offsets gift-tax and estate-tax liability. The unified credit is being increased gradually from $220,550 in 2001 to $345,800 in 2006, which is equivalent to a combined gift- and estate-tax exclusion on $675,000 in 2001 to $1 million in 2006.

Unified Credit (Charitable Donations)

A federal tax credit that offsets gift tax and estate tax liability. For gift tax purposes, the unified credit remains at $345,800 through 2009, which is equivalent to an applicable exclusion amount of $1 million. For estate tax purposes, the unified credit is being gradually increased from $345,800 in 2003 to $1,455,800 in 2009, which is equivalent to an applicable exclusion amount of $1 million in 2003 to $3.5 million in 2009.

Unified Credit (Fundraising)

A one-time credit of $192 taxpayers can deduct from their estate tax: deduction and gift tax, is sufficient to exempt an estate of $600,000, effectively making estate tax and gift tax rate 37%. Also termed as Unified Transfer Tax Credit. See also:Tax Deductible

Similar

Browse words that start with:

• Un
• Uni
• Unif
• Unifi

Browse All Terms by First Letter

Term Search