Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Generation
1. A single degree or stage in the succession of persons in natural descent. 2. The average time span between the birth of parents and the birth of their children.
Non valebit felonis generatio nee ad haereditatem paternam vel maternam; si autem ante feloniam generationem- fecerit, talis generatio succedit in haereditate patris vel matris a quo non fuerit feloni
The offspring of a felon cannot succeed either to a maternal or paternal inheritance; but if the felon had offspring before the felony, the offspring may succeed to the inheritance of the father or mother by whom no felony was committed.
generation-skipping tax
A tax on a property transfer that skips a generation. 0 The tax limits the use of generation-skipping techniques as a means of avoiding estate taxes.
generation-skipping transfer
A conveyance of assets to a person more than one generation removed from the transferor, that is, a skip person. 0 For example, a conveyance either directly or in trust from a grandparent to a grandchild is a generation-skipping transfer subject to a generation-skipping transfer tax. IRC (26 USCA) §§ 2601-2663. See generation skipping transfer tax under TAX; generationskipping trust under TRUST; SKIP PERSON.
generation-skipping transfer tax
A gift or estate tax imposed on a generation-skipping transfer or a generation-skipping trust. - Also termed generation-skipping tax; transfer tax. IRC (26 USCA) §§ 2601-2663. See DIRECT SHIP; GENERATION-SHIPPING TRANSFER; generation-skipping trust under TRUST; TAXABLE DISTRIBUTION; TAXABLE TERMINATION.
generation-skipping trust
See TRUST.
generationskipping transfer tax
under TAX; SKIP PERSON.