Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

unified credit

Read a random definition: accumulation trust

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

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
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
LSD+ is ad-free, with DMs, discounts, case briefs & more.