Business, Legal & Accounting Glossary
The range of excess estate value above the exception amount that is taxed according to an IRS schedule that ranges from 18% to 35% (as of 2011). The excess amount is calculated from the gross estate minus all deductions and exemptions. The amount of the top rate in this schedule is in flux from one year to the next due to the extension of temporary tax cut provisions. These are set to automatically rise from 35% to 55% by 2013. As of 2011, the estate tax bracket applies to individuals inheriting amounts over 5 million dollars.
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This glossary post was last updated: 28th November, 2021 | 0 Views.