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.

RELATED TERMS
  1. Transfer Tax

    Any kind of tax that is levied on the transfer of official documents ...
  2. Capital Transfer Tax

    An inheritance tax levied in the United Kingdom on estates exceeding ...
  3. Current Transfers

    A current account transaction in which a resident entity in one ...
  4. Telegraphic Transfer - TT

    An electronic method of transferring funds. Telegraphic Transfers ...
  5. Transfer

    A change in ownership of an asset, or a movement of funds and/or ...
  6. Effective Tax Rate

    The average rate at which an individual or corporation is taxed. ...
Related Articles
  1. Personal Finance

    3 Federal Income Tax Facts You Didn't Know

    Learn about three federal income tax facts that most Americans may not know from one of the most trusted financial resources on the Web.
  2. Personal Finance

    How Much Tax Do You Really Pay?

    When you add direct and indirect taxes together, your real tax rate is much more than you expected.
  3. Personal Finance

    Do Tax Cuts Stimulate The Economy?

    Learn the logic behind the belief that reducing government income benefits everyone.
  4. Personal Finance

    Use Tax Vs. Internet Sales Tax: How Are They Different?

    Learn about the differences between a use tax and an Internet sales tax. Find out about transactions in which the taxes apply, and to whom they apply.
  5. Personal Finance

    Understanding Taxes

    Taxes are mandatory fees that individuals and corporations must pay to their governments.
  6. Markets

    8 Low-Cost Ways To Transfer Money

    If cost is your primary concern, there are several cheap(er) ways to move funds.
  7. Investing

    Calculating Net of Tax

    Net of tax is a figure that has been adjusted for taxes.
  8. Personal Finance

    The History Of Taxes In The U.S.

    The number of taxes that we now consider a given did not always exist. Find out how they arose.
  9. Personal Finance

    What The New Gift Tax Rules Will Mean

    The lifetime maximum for gift taxes is $5.12 million. However, it could drop to $1 million. Here's what that will mean.
  10. Personal Finance

    A Concise History Of Changes In U.S. Tax Law

    We look at how U.S. taxes have changed since their inception.
RELATED FAQS
  1. If a parent transferred a house deed to their three adult children, do they need ...

    Currently, only the parents Read Answer >>
  2. If my son transfers stock to me, I understand that the basis is the stock price upon ...

  3. Are there any regulations on transfer pricing?

    Learn about transfer pricing, its role in intra-business calculations, and how the U.S. government regulates transfer pricing ... Read Answer >>
  4. What is the difference between a regressive tax versus a progressive tax?

    Determine how progressive and regressive taxes impact your personal finances, and learn more about how you pay both types ... Read Answer >>
  5. What are the differences between regressive, proportional and progressive taxes?

    Understand the differences between the most common tax systems including regressive taxes, proportional taxes and progressive ... Read Answer >>
  6. What is the difference between federal and state withholding tax?

    Discover whether you can file your taxes by yourself. The three main options for tax preparation are a tax professional, ... Read Answer >>
Hot Definitions
  1. European Union - EU

    A group of European countries that participates in the world economy as one economic unit and operates under one official ...
  2. Sell-Off

    The rapid selling of securities, such as stocks, bonds and commodities. The increase in supply leads to a decline in the ...
  3. Brazil, Russia, India And China - BRIC

    An acronym for the economies of Brazil, Russia, India and China combined. It has been speculated that by 2050 these four ...
  4. Brexit

    The Brexit, an abbreviation of "British exit" that mirrors the term Grexit, refers to the possibility of Britain's withdrawal ...
  5. Underweight

    1. A situation where a portfolio does not hold a sufficient amount of a particular security when compared to the security's ...
  6. Russell 3000 Index

    A market capitalization weighted equity index maintained by the Russell Investment Group that seeks to be a benchmark of ...
Trading Center