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. — 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, […]