unified transfer tax n: a tax imposed under the Internal Revenue Code on the cumulative total of gifts made over a certain amount by a person during his or her lifetime or after death – called also unified estate and gift tax; see also unified credit
◇ The unified transfer tax system creates liability for a single tax rather than separate liability for a gift tax and an estate tax.
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.