Unified Estate And Gift Tax Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Unified Estate And Gift Tax, written in plain English, along with examples of how it is used.

What is Unified Estate And Gift Tax?

(n) Unified Estate And Gift Tax is the tax levied by federal states on the value of estate or property owned by the entity. While calculating taxable estate, gifts for which no gift tax is paid is also added to arrive at the real worth of the deceased person. The Act is to avoid tax evasion by gifting property