applicable exclusion amountglossary / APPLICABLE EXCLUSION AMOUNT applicable exclusion amount. Tax. The dollar value of an estate that is exempt from federal estate and gift taxes. See unified estate-and-gift-tax credit under TAX CREDIT. 词条贡献者 双语律师Jason,国内知名法学院民商法专业,擅长翻译有关体育博彩领域的法律文件。