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Trust Glossary

Tax Credit -

Amount permitted to be deducted from the tax itself. For federal estate tax purposes:

  • Applicable credit amount
  • Credit for state death taxes,
  • Credit for federal gift taxes
  • Credit for foreign death taxes
  • Credit for tax on prior transfers

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The content in this glossary is general in nature and is intended for informational purposes only. It is not intended to provide specific advice or recommendations for any individual or organization, because the facts and circumstances surrounding each situation differ. Please consult your attorney, tax advisor or other professional advisor for advice on your particular situation.

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