generation-skipping transfer tax - Business Definition
The American Heritage® Dictionary of Business Terms Copyright © 2010 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
A federal tax designed to ensure that family property will be subject to taxation at least once each generation. For example, property given to a grandchild is subject to the generation-skipping transfer tax that is intended to result in a tax that is the same as if the property had been given first to a child and had been given subsequently to the grandchild.
generation-skipping transfer tax - Legal Definition
A tax assessed upon a generation- skipping transfer.