unified credit

noun

: 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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Cite this Entry

“Unified credit.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/unified%20credit. Accessed 19 Jul. 2024.

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