Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

applicable exclusion credit

Read a random definition: placement

A quick definition of applicable exclusion credit:

Applicable Exclusion Credit: This is a tax credit that is used for both estate and gift taxes. It is also known as the unified estate-and-gift-tax credit. The credit allows a certain amount of money to be excluded from the total value of an estate or gift, which reduces the amount of tax owed.

A more thorough explanation:

The applicable exclusion credit is a tax credit that is used to reduce the amount of estate and gift taxes owed by an individual. It is also known as the unified estate-and-gift-tax credit.

For example, if an individual's estate is worth $11.7 million, they can use the applicable exclusion credit to reduce the amount of estate tax owed. In 2021, the applicable exclusion credit is $11.7 million per individual.

The applicable exclusion credit is important for high net worth individuals who want to minimize the amount of taxes owed on their estate and gifts. By using the applicable exclusion credit, they can transfer more of their wealth to their heirs without incurring a large tax burden.

appensura | applicando singula singulis

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
LSD+ is ad-free, with DMs, discounts, case briefs & more.