Antifreeze
Definition of "Antifreeze"
Provision of the 1987 Tax Act that excludes life insurance owned by a third party or an irrevocable trust from federal estate taxes. Life insurance, as well as the deceased's personal residence, was exempted because neither is considered to be an "enterprise" as defined by the Internal Revenue Service (IRS). The IRS defines an enterprise as "any arrangement, relationship, or activity that has significant business or investment aspects."
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