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Tax Definitions
706
- U,S. Estate (and
Generation-Skipping Transfer)
Tax Return
1040
- Federal Individual
Income Tax Return
1041
- Federal U.S. Income
Tax Return for Estates and Trusts
1065
- U.S. Return of
Partnership Income
1099 -
Various forms to report income
1120
- U.S. Corporation
Income Tax Return
Death Tax -
See Estate Tax
Estate
Tax - A
tax imposed on the right to transfer property by inheritance and assessed
on the net value of a decedent's Estate before distribution to the heirs.
Estate Tax is based on the fair market value of the decedent's property at
death, less his or her liabilities. Also called Death Tax or Inheritance Tax.
Fiduciary -
A "fiduciary" is an
individual, company, or association responsible for managing the assets of
another. Fiduciaries include trustees, those responsible for
managing the finances of a minor, executors of wills and estates, and
receivers in bankruptcy.
Fiduciary Tax -
A "Fiduciary Tax Return" is required
for income earned by Trust Settlements and Probate.
Income Tax - The main
revenue source for the Federal Government, as well as many States.
Income tax is based on your earned and unearned income. You are
allowed specific deductions, allowances, and credits to reduce your tax,
based on laws made by Congress and the States.
Inheritance
Tax - See Estate Tax
Probate -
"Probate" is
the process of legally
establishing the validity of a will before a judicial authority.
Probate Estate -
Property passing from a decedent's
estate by his or her will or by operation of state intestate succession
law.
Trust -
A separate, taxable entity that holds
property to be managed, protected, and distributed to others.
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