unified credit

unified credit definition - business

unified credit

A credit used against federal taxes due on estates and large gifts. Under current law, the unified credit is sufficient to offset taxes on multimillion dollar estates and large gifts. Thus, the combination of estate value and large gifts must exceed several million during a person's lifetime before any taxes must be paid to the federal government.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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