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LSDefine

Simple English definitions for legal terms

unified credit

Read a random definition: haeretico comburendo

A quick definition of unified credit:

Unified credit is a type of tax credit that reduces the amount of tax you owe dollar for dollar. It is different from a deduction, which only reduces your taxable income. There are different types of tax credits, such as the child- and dependent-care tax credit, earned-income credit, foreign tax credit, and investment tax credit. The unified credit is applied against the federal unified transfer tax and is also known as the applicable exclusion credit.

A more thorough explanation:

Unified credit is a tax credit that is applied against the federal unified transfer tax. This credit is also known as the unified estate-and-gift tax credit. It is a dollar-for-dollar reduction of the total tax liability, as opposed to a deduction from gross income.

For example, if a person owes $10,000 in federal taxes and has a unified credit of $2,000, their total tax liability will be reduced to $8,000.

The unified credit is often used in estate planning to reduce the amount of taxes owed on gifts and inheritances. It is also used in conjunction with the applicable exclusion amount, which is the total amount of gifts and inheritances that can be given tax-free.

Overall, the unified credit is a valuable tool for reducing tax liability and maximizing the amount of wealth that can be transferred to future generations.

unified bar | unified estate-and-gift tax credit

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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