Qualified terminable interest property definition

Qualified terminable interest property means a transfer or a specific portion of a transfer which the executor elects to treat as qualified terminable interest property, as that term is defined by section 2056(b)(7) of the internal revenue code, for purposes of the federal estate tax or for purposes of subsection (7), to the extent subsections (6) and (7) apply to the transfer or specific portion of the transfer.
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Qualified terminable interest property. (QTIP) means property (1) which passes from the decedent, (2) in which the surviving spouse has a “qualifying income interest for life,” and (3) as
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Examples of Qualified terminable interest property in a sentence

  • Qualified terminable interest property is property: (1) that passes from the decedent, (2) in which the surviving spouse has a “qualifying income interest for life,” and (3) to which an election under these rules applies.

  • Qualified spousal property means either: (i) property that would not be treated as nonqualified terminable interest property under the federal estate tax marital deductions rules ("Outright transfer property"); or (ii) property that would be treated as qualified terminable interest property (QTIP) under those rules ("Qualified terminable interest property").

  • Qualified terminable interest property is terminable interest prop- erty described in section 2523(b)(1) that satisfies the requirements of section 2523(f)(2) and this section.

  • Qualified terminable interest property Short Essay Questions Please read the question carefully and then respond to the question that is asked at the end of the situation.

  • Section 2056.—Bequests, Etc., to Surviving Spouse26 CFR 20.2056(a)-1: Qualified terminable interest property elections.Rev.

  • Qualified terminable interest property is property that passes from a decedent and in which the surviving spouse has a qualifying income interest for life.

  • Qualified terminable interest property is property that: (1 ) passes from the donor; and (2) in which the spouse has qualifying income interest for life.

  • Qualified terminable interest property means property in which the surviving spouse receives an interest which entitles him/her to all of the income from the property, payable annually or more frequently and no one has the power to appoint the property to anyone other than the surviving spouse.

  • Qualified terminable interest property has been defined as:property in which a deceased spouse passes to the surviving spouse a “qualified income interest for life.” The surviving spouse has a qualifying income interest for life if the surviving spouse is entitled to all of the income for life and if, during the surviving spouse’s lifetime, no one has a power to appoint any part of the property to any person other than the surviving spouse.

  • Qualified terminable interest property (QTIP) trustA QTIP trust is useful when the objective is to provide income to your surviving spouse while leaving the underlying property to a different beneficiary.

Related to Qualified terminable interest property

  • Transferable interest means the right, as originally associated with a person’s capacity as a member, to receive distributions from a limited liability company in accordance with the operating agreement, whether or not the person remains a member or continues to own any part of the right.

  • Subsidiary Redesignation shall have the meaning provided in the definition of “Unrestricted Subsidiary” contained in this Section 1.01.

  • Termination Payment Date means the earlier of the first Distribution Date following the liquidation or sale of the Receivables as a result of an Insolvency Event and the occurrence of the Scheduled Series 1995-1 Termination Date.

  • Insurable interest as used in this section means any actual, lawful, and substantial economic interest in the safety or preservation of the subject of the insurance free from loss, destruction, or pecuniary damage or impairment.

  • Continuing ownership interest means ownership of or entitlement to more than twenty five per cent of shares or capital or profits of the company;

  • (1) ELIGIBLE ENTITY.—The term eligible entity’ means—