Legal Definitions - unified transfer tax

A unified transfer tax is a type of tax that is imposed by the government on the transfer of property from one person to another. This tax is also known as an estate tax or a gift tax.

For example, if a person gives a valuable piece of property to their child as a gift, they may be required to pay a unified transfer tax on the value of the gift. Similarly, when a person passes away and their property is transferred to their heirs, the estate may be subject to a unified transfer tax.

The purpose of this tax is to generate revenue for the government and to prevent wealthy individuals from avoiding taxes by transferring their property to others.