Uniform Transfer Tax

DEFINITION of 'Uniform Transfer Tax'

A combination of federal estate taxes and federal gift taxes. Uniform transfer tax taxes the transfer of assets from the death of a person to their chosen beneficiary as well as when assets are transfered from one individual to another without receiving anything or less than market value in return. The combination of both these taxes creates the uniform transfer tax.

BREAKING DOWN 'Uniform Transfer Tax'

Transfer taxes are usually nondeductible. The Internal Revenue Service (IRS) is in charge of the uniform transfer tax. As the tax can be very complicated, it is best to check with your respective tax authorities to review your exposure.

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