taxable termination

noun

: a generation-skipping transfer of property held in trust that is subject to a generation-skipping transfer tax payable by the trustee when an interest in the property terminates (as at the death of the parent of a skip person), no interest is held by one who is not a skip person, and a distribution to a skip person may be made compare direct skip, taxable distribution

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Cite this Entry

“Taxable termination.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/taxable%20termination. Accessed 15 Jun. 2024.

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