Interest in a Closely Held Business [Internal Revenue] Law and Legal Definition
Pursuant to 26 CFR 20.6166A-2 (a) [Title 26 Internal Revenue; Chapter I Internal Revenue Service, Department of the Treasury; Subchapter B Estate and Gift Taxes; Part 20 Estate Tax; Estates of Decedents Dying after August 16, 1954; Estates of Citizens or Residents; Procedure and Administration], the term Interest in a Closely Held Business means
“(1) An interest as a proprietor in a trade or business carried on as a proprietorship.
(2) An interest as a partner in a partnership carrying on a trade or business if 20 percent or more of the total capital interest in the partnership is included in determining the decedent's gross estate or if the partnership had 10 or less partners.
(3) Stock in a corporation carrying on a trade or business if 20 percent or more in value of the voting stock of the corporation is included in determining the decedent's gross estate or if the corporation had 10 or less shareholders.”
Legal Definition list
- Interest in a Closely Held Business [Internal Revenue]
- Interest Factor [Insurance Law]
- Interest Expense
- Interest Compensation [Banks & Banking]
- Interest Calculation Costs
- Interest in Land
- Interest in Possession Trust
- Interest in Proven Oil or Gas Property [Internal Revenue]
- Interest of Justice
- Interest of the Debtor in Property
- Interest on Lawyer Account (IOLA Account)
