net probate estate
The probate estate after the following deductions: (1) family allowances, (2) exempt property, (3) homestead allowances, (4) claims against the estate, and (5) taxes for which the estate is liable.
¡ª Also termed net estate. Cf. adjusted gross estate (1) under ESTATE(3). [Cases: Internal Revenue 4149¨C4185; Taxation 895. C.J.S. Internal Revenue ¡ì¡ì 500, 503¨C539, 541¨C546, 798; Taxation ¡ì¡ì 1900¨C1909, 1918¨C1931, 1941¨C1944, 1948.]
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