Marital deduction definition

Marital deduction means the federal estate tax deduction allowed for transfers under section 2056 of the Internal Revenue Code, as in effect on January 1, 2008, or the federal gift tax deduction allowed for trans- fers under section 2523 of the Internal Re- venue Code, as in effect on January 1, 2008.
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Marital deduction means the federal estate tax deduction allowed for transfers under sec- tion 2056 of the Internal Revenue Code, as in effect on [May 24, 2003] the effective date of this 2005 Act, or the federal gift tax deduction allowed for transfers under section 2523 of the Internal Revenue Code, as in effect on [May 24, 2003] the effective date of this 2005 Act.
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Marital deduction means the federal estate tax deduction allowed for transfers under sec- tion 2056 of the Internal Revenue Code, as in effect on January 1, [2006] 2008, or the federal gift tax deduction allowed for transfers under section 2523 of the Internal Revenue Code, as in effect on January 1, [2006] 2008.
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Examples of Marital deduction in a sentence

  • Subtract line 23 from line 22 Total debts and deductions (not including marital and charitable deductions) (line 3b of Part 2—Tax Computation, page 1 and items 18, 19, and 20 ofAmount2122232426.27.28.29.30.31.the Recapitulation, page 3, Form 706) Marital deduction from item 21, Recapitulation, page 3, Form 706(see instructions) Charitable bequests from item 22, Recapitulation, page 3, Form 706 Charitable deduction proportion ( [ line 23 ÷ (line 22 – line 25) ] × line 27 )Reduced charitable deduction.

  • This not only has environmental benefits but also reduces running costs and makes the units more affordable to residents.

  • Marital deduction rules can be technical, especially if property passes to a spouse in trust.

  • A new paragraph (c) is added.The additions and revisions read as follows: § 20.2056(d)–2 Marital deduction; effect of disclaimers of post-December 31, 1976 transfers.

  • If the federal employee died leaving no one eligible to receive a survivor annuity, the lump sum (representing the employee’s contribution to the system plus any ac- crued interest) payable to the estate or other beneficiary is included in the employee’s gross estate.may qualify as a lump-sum distribution eligible for capital Marital deduction.

  • See Marital deduction for surviving spouses who are not United States citizens below.

  • Repealed and Re-enacted by Chapter 39, 1998 General Session 75-2-610 Marital deduction formulas -- Wills.

  • You must at all times take all reasonable steps to prevent or terminate any unauthorised occupancy to have cover under this Additional Benefit.

  • The executor makes a timely QDOT election under § 20.2056A–3.(b) Marital deduction allo ed if resi- dent spouse becomes citizen.

  • RCW 11.108.020 Marital deduction gift—Compliance with Internal Revenue Code—Fiduciary powers.


More Definitions of Marital deduction

Marital deduction means the federal estate tax deduction allowed for transfers under sec- tion 2056 of the Internal Revenue Code, as in effect on May 24, 2003, or the federal gift tax de- duction allowed for transfers under section 2523 of the Internal Revenue Code, as in effect on May 24, 2003.
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Marital deduction means the federal
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Related to Marital deduction

  • Benefit Amount shall have the meaning set forth in Section 20.12 hereof.

  • Member Nonrecourse Deduction means “partner nonrecourse deduction” as defined in Treasury Regulations Section 1.704-2(i), substituting the term “Member” for the term “partner” as the context requires.

  • Benefit Distribution Date means the date upon which all or an objectively determinable portion of a Participant’s vested benefits will become eligible for distribution. Except as otherwise provided in the Plan, a Participant’s Benefit Distribution Date shall be determined based on the earliest to occur of an event or scheduled date set forth in Articles 4 through 9, as applicable.

  • True-Up Amount means the difference between the ABO calculated by using the member’s actual creditable service and the actual final average compensation as of the member’s effective date in the FRS Investment Plan and the ABO initially transferred.

  • Disability retirement for plan 1 members, means the period

  • Disability Retirement Date means the first day of the month following the last day of paid employment;

  • Defined Benefit Fraction means a fraction, the numerator of which is the sum of the Participant's Projected Annual Benefit under all the defined benefit plans (whether or not terminated) maintained by the Employer, and the denominator of which is the lesser of 125 percent of the dollar limitation determined for the Limitation Year under Code ss.ss.415(b) and (d) or 140 percent of the Participant's Highest Average Compensation, including any adjustments under Code ss.415(b). Notwithstanding the above, if the Participant was a Participant as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more Defined Benefit Plans maintained by the Employer which were in existence on May 6, 1986, the denominator of this fraction shall not be less than 125 percent of the sum of the annual benefits under such plans which the Participant had accrued as of the close of the last Limitation Year beginning before January 1, 1987, disregarding any changes in the terms and conditions of the plans after May 5, 1986. The preceding sentence applies only if the Defined Benefit Plans individually and in the aggregate satisfied the requirements of Code ss.415 for all Limitation Years beginning before January 1, 1987.

  • Member Nonrecourse Deductions has the meaning of “partner nonrecourse deductions” set forth in Treasury Regulations Sections 1.704-2(i)(1) and 1.704-2(i)(2).

  • Social Security Retirement Age means the age used as the retirement age under Section 216(l) of the Social Security Act, applied without regard to the age increase factor and as if the early retirement age under Section 216(l)(2) of such Act were 62.

  • Final Average Earnings means (a) divided by (b) as follows:

  • Maximum Benefit Amount means the maximum amount payable for coverage provided to You as shown in the Schedule of Benefits.

  • Disability Date means the date on which a Participant is deemed disabled under the employee benefit plans of the Corporation applicable to the Participant.

  • Capital Distribution means a payment made, liability incurred or other consideration given for the purchase, acquisition, redemption or retirement of any capital stock or other equity interest of any Company or as a dividend, return of capital or other distribution (other than any stock dividend, stock split or other equity distribution payable only in capital stock or other equity of the Company in question) in respect of any Company's capital stock or other equity interest.

  • Cash Contribution Amount means the aggregate amount of cash contributions made to the capital of the Company described in the definition of “Contribution Indebtedness.”

  • Contribution Period means the period specified in Article VI for which Employer Contributions shall be made.

  • Agreed Deductions means any deductions the Agency Worker has agreed can be made from their pay;

  • Defined Contribution Fraction means a fraction the numerator of which is the sum of the Annual Additions to the Participant's account under all the defined contribution plans (whether or not terminated) maintained by the Employer for the current and all prior Limitation years (including the Annual Additions attributable to the Participant's nondeductible voluntary contributions to this and all the defined benefit plans (whether or not terminated) maintained by the Employer and the Annual Additions attributable to all welfare benefit funds, as defined in section 419(e) of the Code or individual medical accounts, as defined in section 415(1)(2) of the Code, or a simplified employee pension, as defined in section 408(k) of the Code, maintained by the Employer), and the denominator of which is the sum of the Maximum Aggregate Amounts for the current and all prior Limitation Years of Service with the Employer (regardless of whether a defined contribution plan was maintained by the Employer). The Maximum Aggregate Amount in any Limitation Year is the lesser of one hundred twenty-five percent (125%) of the dollar limitation determined under Sections 415(b) and (d) of the Code in effect under section 415(c)(1)(A) of the Code or thirty-five percent (35%) of the Participant's Compensation for such year. If the Employee was a Participant as of the first day of the first Limitation Year beginning after December 31, 1986, in one or more defined contribution plans maintained by the Employer which were in existence on May 6, 1986, the numerator of this fraction will be adjusted if the sum of this fraction and the Defined Benefit Fraction would otherwise exceed one (1.0) times under the terms of this Plan. Under the adjustment, an amount equal to the product of (a) the excess of the sum of the fractions over 1.0 times (b) the denominator of this fraction will be permanently subtracted from the numerator of this fraction. The adjustment is calculated using the fractions as they would be computed as of the end of the last Limitation Year beginning before January 1, 1987, and disregarding any changes in the terms and condition of the Plans made after May 5, 1986, but using the limitation of section 415 of the Code applicable to the first Limitation Year beginning on or after January 1, 1987. The Annual Additions for any Limitation Year beginning before January 1, 1987 shall not be recomputed to treat all Employee contributions as Annual Additions.

  • Nonrecourse Deduction shall have the meaning given such term in Regulations Section 1.704-2(b)(1).

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Excess Contribution means a contribution that exceeds the

  • Partner Nonrecourse Deductions has the meaning set forth in Regulations Section 1.704-2(i)(2), and the amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership taxable year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2).

  • statutory parental bereavement pay means a payment to which a person is entitled in accordance with section 171ZZ6 of the Social Security Contribution and Benefits Act 1992;

  • Unpaid withholding tax means withholding tax due but not paid by the date the withholding tax is required to be paid under applicable law.

  • Disabled veteran means a veteran who (i) has either lost, or lost the use of, a leg, arm, or hand;

  • Unpaid estimated income tax means estimated income tax due but not paid by the date the tax is required to be paid under applicable law.

  • Final Average Pay means the participant’s average monthly compensation in the highest three calendar years of compensation out of five consecutive calendar years of employment during a period of eligibility service by the Company or an Affiliate. Years separated by a period of one or more calendar years when the participant has no such eligible employment shall be treated as consecutive. Additional compensation paid at retirement or other Separation from Service, such as for periods of unused vacation or sick leave, shall be attributed to calendar years by assuming that employment continued during the period based on which the compensation is measured. Severance pay shall be disregarded, except severance pay in lieu of service.