Taxable Patrimony Law and Legal Definition

Taxable patrimony is the difference between the rights or duties appreciable in money which a taxpayer may have, on one part, and the debts which burden these rights, plus the capital which the law exempts from tax and the other initial exemptions which it authorizes on the other part.

Taxable patrimony includes both movables and immovables, but is reduced by debts and by investments in corporations and limited partnerships that pay their own patrimony tax. [Lanman & Kemp-Barclay & Co. of Colombia v. Commissioner, 26 T.C. 582 (T.C. 1956)].