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Tax Law

Inheritance, estate, and death taxes arise when an individual passes away and can be imposed on either the deceased's representatives or beneficiaries. In the US, estate taxes are imposed on representatives while inheritance taxes target beneficiaries. However, other jurisdictions may not make this distinction and classify both as estate taxes. Additionally, expatriation taxes are imposed on individuals who renounce their citizenship or residence and are often based on the deemed sale of all their property, such as under US law for citizens with over $2 million net worth or $127,000 average tax liability.

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47 views

Tax Law

Inheritance, estate, and death taxes arise when an individual passes away and can be imposed on either the deceased's representatives or beneficiaries. In the US, estate taxes are imposed on representatives while inheritance taxes target beneficiaries. However, other jurisdictions may not make this distinction and classify both as estate taxes. Additionally, expatriation taxes are imposed on individuals who renounce their citizenship or residence and are often based on the deemed sale of all their property, such as under US law for citizens with over $2 million net worth or $127,000 average tax liability.

Uploaded by

Maika J. Pudadera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Inheritance[edit]

Main article: Inheritance tax


Inheritance tax, estate tax, and death tax or duty are the names given to various taxes which arise
on the death of an individual. In United States tax law, there is a distinction between an estate tax
and an inheritance tax: the former taxes the personal representatives of the deceased, while the
latter taxes the beneficiaries of the estate. However, this distinction does not apply in other
jurisdictions; for example, if using this terminology UK inheritance tax would be an estate tax.
Expatriation[edit]
Main article: Expatriation tax
An expatriation tax is a tax on individuals who renounce their citizenship or residence. The tax is
often imposed based on a deemed disposition of all the individual's property. One example is
the United States under the American Jobs Creation Act, where any individual who has a net worth
of $2 million or an average income-tax liability of $127,000 who renounces his or her citizenship and
leaves the country is automatically assumed to have done so for tax avoidance reasons and is
subject to a higher tax rate.[15]

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