unified credit

noun

Legal Definition of unified credit

: a cumulative tax credit based on the applicable exclusion amounts for lifetime gifts and transfers at death that when applied to lifetime gifts reduces the amount that can be applied against estate tax

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“Unified credit.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/unified%20credit. Accessed 27 Oct. 2020.

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