taxable estate

A decedent’s gross estate reduced by allowable deductions (such as administration costs and ESOP deductions). IRC (26 USCA) § 2051. • The taxable estate is the amount that is subject to the federal unified transfer tax at death. [Cases: Internal Revenue 4168–4182.30. C.J.S. Internal Revenue §§ 500, 512, 525–538, 541–546.]