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  1. Estate tax
    A tax imposed on the transfer of property at death. The tax is part of the unified transfer tax system and takes into account transfers to an individual made during lifetime and at death.
  2. Generation-skipping tax
    A tax on the transfer of property to, or in trust for the benefit of, a person that is 2 or more generations younger than the donor or transferor and is designed to prevent individual from escaping an entire generation of gift and estate taxes. It is imposed in addition to federal gift and estate taxes.
  3. Gift Tax
    A tax imposed on the transfer of property during and individual's lifetime. The tax is imposed upon the donor of the gift and is based upon the fair market value of the property onthe date of gift.
  4. Grantor trust
    A trust over which the grantor (or grantor's spouse) retains substantial control. The income of a grantor trust is taxed to the grantor, not to the trust or beneficiaries.
  5. Revenue ruling
    Gives the IRS's interpretation of how the IRC and regulation apply to a specific fact situation, and therfore indicates how the IRS will treat similar tansactions.
  6. Simple Trust
    A trust that is required to distribute all of its income to beneficiaries each year, cannot make charitable contributions, and makes no distributions of trust corpus (i.e. principal) during the year.
    The Uniform Division of Income for Tax Purposes Act which provides roles for allocating and apportioning a multistate or multinational enterprise's nonbusiness and business income among states and foreign countries.
  8. Unrelated business income
    Income of an exempt organization from a business that is regularly carried on, and is unrelated to the organization's exempt purpose. UBI is subject to tax to the extent in excess of $1000.
Card Set:
2012-03-03 21:33:20

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