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

  • Qualified terminable interest property is an interest that:  Passes from the deceased/donor spouse; To the surviving/donee spouse;  Where the surviving/donee spouse is entitled to all income from the property at least annually for life; No person has the power to appoint the property to anyone other than the surviving/donee spouse; and Where the decedent's executor/transferor makes a QTIP election.

  • 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 is part of the surviving spouse's estate for GST purposes.

  • Qualified spousal property means: (i) outright transfer property; and (ii) Qualified terminable interest property.