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Tax Glossary
What Is Gross Estate?
A gross estate is the total fair market value of all assets, property, and financial interests owned or controlled by...
Tax Glossary
What Is “Grantor trust”?
A grantor trust is a type of trust where the person who creates it (the “grantor”) retains control or a...
Tax Glossary
What Is Global Intangible Low-Taxed Income (GILTI)?
Global Intangible Low-Taxed Income (GILTI) is a category of foreign active earnings made by a Controlled Foreign Corporation (CFC) that...
Tax Glossary
What Is the Gift Tax?
The federal gift tax is a regulatory levy imposed by the IRS on the transfer of money, property, or assets...
Tax Glossary
What Is “Gift Basis”?
A gift basis is the asset value assigned to property received as a gift, which the IRS uses to calculate...
Tax Glossary
What Is “Generation-Skipping Transfer Tax”?
The Generation-Skipping Transfer Tax (GSTT) is a federal tax imposed on wealth transfers made to a “skip person,” which includes...
Tax Glossary
What Is “Franchise Tax”?
A franchise tax is a state-level tax levied on corporations, LLCs, and other formal business entities for the privilege of...
Tax Glossary
What Is “Form W-8ECI”?
Form W-8ECI is an IRS document used by foreign individuals or business entities to declare that the income they receive...
Tax Glossary
What Is “Form W-8BEN-E”?
Form W-8BEN-E is an IRS tax document used by foreign (non-U.S.) business entities to certify their foreign status and claim...
Tax Glossary
What Is “Form W-8BEN”?
Form W-8BEN is an IRS tax document used by foreign (non-U.S.) individuals to verify their non-U.S. status for tax purposes....