qualified disclaimer

qualified disclaimer
qualified disclaimer n: an irrevocable and absolute refusal to accept a particular interest in the estate of a decedent (as a spouse) that is made in accordance with federal tax requirements and results in favorable tax consequences (as exemption from a gift tax)
◇ Property disclaimed under a qualified disclaimer is not treated as a gift and is not included in the gross estate of the decedent. Thus property disclaimed by a surviving spouse could pass to his or her children without incurring a gift tax. A disclaiming party cannot, however, direct the disposition of the disclaimed interest and must not have accepted the interest or its benefits (as dividends).

Merriam-Webster’s Dictionary of Law. . 1996.

qualified disclaimer
n. A disclaimer stating that the taxpayer has no interest, for federal unified estate tax purposes, in the disclaimed property.

Webster's New World Law Dictionary. . 2000.

Look at other dictionaries:

  • Qualified Disclaimer — A refusal to accept property that meets with provisions set forth in the Internal Revenue Code Tax Reform Act of 1976 allowing for the property or interest in property to be treated as an entity that has never been received. These types of… …   Investment dictionary

  • disclaimer — dis·claim·er /dis klā mər/ n [Anglo French desclamer, from desclamer to disavow, deny, from Old French des , prefix marking reversal + clamer to claim see claim] 1: a refusal or disavowal of something that one has a right to claim; specif: a… …   Law dictionary

  • disclaimer — The repudiation or renunciation of a claim or power vested in a person or which he had formerly alleged to be his. The refusal, or rejection of an estate or right offered to a person. The disavowal, denial, or renunciation of an interest, right,… …   Black's law dictionary

  • disclaimer, qualified — n. A written statement made by a taxpayer refusing to accept an interest in a particular property. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008 …   Law dictionary

  • qualified opinion — An external auditor’s opinion that, except for a stated limitation, an entity’s financial statements conform with *Generally Accepted Accounting Principles, and offer a *fair presentation of the entity’s financial position, the results of its… …   Auditor's dictionary

  • Disclaimer Trust — A trust that has embedded provisions (usually contained in a will) which allow a surviving spouse to put specific assets under the trust by disclaiming ownership of a portion of the estate. Disclaimed property interests are transferred to the… …   Investment dictionary

  • disclaimer — An external auditor’s judgment that it is impossible to give an *audit opinion on an entity’s *financial statements. Disclaimers are issued when an auditor is faced with the following types of problems: (i) insufficient *audit evidence, (ii)… …   Auditor's dictionary

  • qualified audit report — An auditors report in which some qualification of the financial statements is required because (a) the auditor feels there is a limitation on the scope of the audit examination or (b) the auditor disagrees with the treatment or disclosure of a… …   Accounting dictionary

  • disclaimer of opinion — A statement made by an auditor to the effect that a limitation on the scope of the audit report is so material that he or she has not been able to obtain sufficient evidence to support an opinion on the financial statements. See: audit opinion,… …   Accounting dictionary

  • opinion letter — Letter issued by a certified public accountant to accompany financial statements. The opinion letter has two parts. One describes the scope of the accountant s work in the preparation and testing, if any, related to the preparation of the… …   Financial and business terms

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”

We are using cookies for the best presentation of our site. Continuing to use this site, you agree with this.