— Also termed net estate. Cf. adjusted gross estate (1) under ESTATE(3). [Cases: Internal Revenue 4149–4185; Taxation 895. C.J.S. Internal Revenue §§ 500, 503–539, 541–546, 798; Taxation §§ 1900–1909, 1918–1931, 1941–1944, 1948.]
net probate estate
The probate estate after the following deductions: (1) family allowances, (2) exempt property, (3) homestead allowances, (4) claims against the estate, and (5) taxes for which the estate is liable.
