QTIP property definition

QTIP property means “qualified terminable interest property” as defined in I.R.C. §2056(b)(7). The term “QTIP election” means an election under I.R.C. §2056(b)(7) to treat all of the property allocated to a trust or all of a trust as QTIP property. A “QTIP trust” means a trust with respect to which a valid QTIP election has been made.
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Examples of QTIP property in a sentence

  • Notwithstanding the foregoing, if a reverse QTIP election is made under I.R.C. §2652(a)(3), no Estate taxes shall be charged against or paid from the QTIP property subject to the election.

  • If, however, any QTIP property is exempt from GST tax pursuant to I.R.C. §2631, the QTIP property is relieved of the obligation to pay Estate taxes and the Trustees may determine whether and to what extent to allocate the increment in Estate taxes to the holders or recipients of the QTIP property.

  • All Estate taxes imposed on QTIP property includible in a Settlor's gross taxable estate under I.R.C. §2044 shall be apportioned to, charged against, and paid from the QTIP property as provided under I.R.C. §2207A.

  • The term "QTIP property" means "qualified terminable interest property" as defined in I.R.C. §2056(b)(7).

  • The tax on any QTIP property included in the Settlor's gross estate under Code Sec.

  • All Estate taxes imposed on QTIP property includible in a Settlor’s gross taxable estate under I.R.C. §2044 shall be apportioned to, charged against, and paid from the QTIP property as provided under I.R.C. §2207A.

  • The Settlor specifically waives any right of reimbursement from any such QTIP property pursuant to the provisions of Code Section 2207A or any other applicable Code provisions dealing with reimbursement of the Settlor's Estate from the recipients of the QTIP property.

  • The term "QTIP election" means an election under I.R.C. §2056(b)(7) to treat all of the property allocated to a trust or all of a trust as QTIP property.

  • In the case of QTIP property, on termination of the Surviving Spouse's interest, all of the remaining accrued or undistributed income shall pass to the Surviving Spouse's estate.

  • The term “QTIP election” means an election under I.R.C. §2056(b)(7) to treat all of the property allocated to a trust or all of a trust as QTIP property.

Related to QTIP property

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • New property means (i) the assessed value, after final

  • Partnership Property means any property, real, personal or mixed, or any interest therein or appurtenant thereto which may be owned or acquired by the Partnership.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Joint Property means property that is owned by 2 or more persons with rights of survivorship, and includes a tenancy by the entireties in real property, a tenancy in personal property as provided in section 1 of 1927 PA 212, MCL 557.151, a joint tenancy, a joint tenancy with rights of survivorship, and a joint life estate with contingent remainder in fee. For purposes of this part, joint property is considered to consist of a present interest and a future interest. The future interest is the right of survivorship.