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Internal Revenue Code, § 2001. Imposition And Rate Of Tax

I.R.C. § 2001(a) Imposition
A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States.
I.R.C. § 2001(b) Computation Of Tax
The tax imposed by this section shall be the amount equal to the excess (if any) of—
I.R.C. § 2001(b)(1)
a tentative tax computed under subsection (c) on the sum of—
I.R.C. § 2001(b)(1)(A)
the amount of the taxable estate, and
I.R.C. § 2001(b)(1)(B)
the amount of the adjusted taxable gifts, over
I.R.C. § 2001(b)(2)
the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after December 31, 1976, if the modifications described in subsection (g) had been applicable at the time of such gifts.
For purposes of paragraph (1)(B), the term “adjusted taxable gifts” means the total amount of the taxable gifts (within the meaning of section 2503) made by the decedent after December 31, 1976, other than gifts which are includible in the gross estate of the decedent.
I.R.C. § 2001(c) Rate Schedule
 

If the amount with respect
to which the tentative
tax to be computed is:        The tentative tax is:

Not over $10,000............18 percent of such amount.

Over $10,000 but
 not over $20,000...........$1,800, plus 20 percent of
                            the excess of such amount
                            over $10,000.
Over $20,000 but
 not over $40,000...........$3,800, plus 22 percent of
                            the excess of such amount
                            over $20,000.
Over $40,000 but
 not over $60,000...........$8,200 plus 24 percent of
                            the excess of such amount
                            over $40,000.
Over $60,000 but
 not over $80,000...........$13,000, plus 26 percent of
                            the excess of such amount
                            over $60,000.
Over $80,000 but
 not over $100,000..........$18,200, plus 28 percent of
                            the excess of such amount
                            over $80,000.
Over $100,000 but
 not over $150,000.........$23,800, plus 30 percent of
                           the excess of such amount
                           over $100,000.
Over $150,000 but
 not over $250,000.........$38,800, plus 32 percent of
                           the excess of such amount
                           over $150,000.
Over $250,000 but
 not over $500,000.........$70,800, plus 34 percent of
                           the excess of such amount
                           over $250,000.
Over $500,000 but
 not over $750,000.........$155,800, plus 37 percent
                           of the excess of such
                           amount over $500,000.
Over $750,000 but
 not over $1,000,000......$248,300, plus 39 percent
                           of the excess of such
                           amount over $750,000.
Over $1,000,000 ..........$345,800, plus 40 percent
                           of the excess of such
                           amount over $1,000,000.
I.R.C. § 2001(d) Adjustment For Gift Tax Paid By Spouse
For purposes of subsection (b)(2), if—
I.R.C. § 2001(d)(1)
the decedent was the donor of any gift one-half of which was considered under section 2513 as made by the decedent's spouse, and
I.R.C. § 2001(d)(2)
the amount of such gift is includible in the gross estate of the decedent,
any tax payable by the spouse under chapter 12 on such gift (as determined under section 2012(d)) shall be treated as a tax payable with respect to a gift made by the decedent.
I.R.C. § 2001(e) Coordination Of Sections 2513 And 2035
If—
I.R.C. § 2001(e)(1)
the decedent's spouse was the donor of any gift one-half of which was considered under section 2513 as made by the decedent, and
I.R.C. § 2001(e)(2)
the amount of such gift is includible in the gross estate of the decedent's spouse by reason of section 2035,
such gift shall not be included in the adjusted taxable gifts of the decedent for purposes of subsection (b)(1)(B), and the aggregate amount determined under subsection (b)(2) shall be reduced by the amount (if any) determined under subsection (d) which was treated as a tax payable by the decedent's spouse with respect to such gift.
I.R.C. § 2001(f) Valuation Of Gifts
I.R.C. § 2001(f)(1) In General
If the time has expired under section 6501 within which a tax may be assessed under chapter 12 (or under corresponding provisions of prior laws) on—
I.R.C. § 2001(f)(1)(A)
the transfer of property by gift made during a preceding calendar period (as defined in section 2502(b)); or
I.R.C. § 2001(f)(1)(B)
an increase in taxable gifts required under section 2701(d),
the value thereof shall, for purposes of computing the tax under this chapter, be the value as finally determined for purposes of chapter 12.
I.R.C. § 2001(f)(2) Final Determination
For purposes of paragraph (1), a value shall be treated as finally determined for purposes of chapter 12 if—
I.R.C. § 2001(f)(2)(A)
the value is shown on a return under such chapter and such value is not contested by the Secretary before the expiration of the time referred to in paragraph (1) with respect to such return;
I.R.C. § 2001(f)(2)(B)
in a case not described in subparagraph (A), the value is specified by the Secretary and such value is not timely contested by the taxpayer; or
I.R.C. § 2001(f)(2)(C)
the value is determined by a court or pursuant to a settlement agreement with the Secretary.
For purposes of subparagraph (A), the value of an item shall be treated as shown on a return if the item is disclosed in the return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such item.
I.R.C. § 2001(g) Modifications To Tax Payable
I.R.C. § 2001(g)(1) Modifications To Gift Tax Payable To Reflect Different Tax Rates
For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent's death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute—
I.R.C. § 2001(g)(1)(A)
the tax imposed by chapter 12 with respect to such gifts, and
I.R.C. § 2001(g)(1)(B)
the credit allowed against such tax under section 2505, including in computing—
I.R.C. § 2001(g)(1)(B)(i)
the applicable credit amount under section 2505(a)(1), and
I.R.C. § 2001(g)(1)(B)(ii)
the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2).
I.R.C. § 2001(g)(2) Modifications To Estate Tax Payable To Reflect Different Basic Exclusion Amounts
The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out this section with respect to any difference between—
I.R.C. § 2001(g)(2)(A)
the basic exclusion amount under section 2010(c)(3) applicable at the time of the decedent's death, and
I.R.C. § 2001(g)(2)(B)
the basic exclusion amount under such section applicable with respect to any gifts made by the decedent.
(Aug. 16, 1954, ch. 736, 68A Stat. 373; Oct. 4, 1976, Pub. L. 94-455, title XX, 2001(a)(1), 90 Stat. 1846; Nov. 6, 1978, Pub. L. 95-600, title VII, 702(h)(1), 92 Stat. 2930; Aug. 13, 1981, Pub. L. 97-34, title IV, 402(a)-(c), 95 Stat. 300; July 18, 1984, Pub. L. 98-369, div. A, title I, 21(a), 98 Stat. 506; Dec. 22, 1987, Pub. L. 100-203, title X, 10401(a)-(b)(2)(A), 101 Stat. 1330-430, 1330-431; Pub. L. 103-66, title XIII, Sec. 13208, Aug. 10, 1993, 107 Stat. 312; Pub. L. 105-34, title V, Sec. 501(a)(1)(D), 506(a), Aug. 5, 1997, 111 Stat 788; Pub. L. 105-206, title VI, Sec. 6007(e)(2)(B), July 22, 1998, 112 Stat 685; Pub. L. 105-277, title IV, Sec. 4003(c), Oct. 21, 1998, 112 Stat 2681; Pub. L. 107-16, title V, Sec. 511, June 7, 2001, 115 Stat. 38; Pub. L. 111-312, title III, Sec. 302, Dec. 17, 2010, 124 Stat. 3296; Pub. L. 112-240, title I, Sec. 101(c)(1), Jan. 2, 2013, 126 Stat. 2313; Pub. L. 115-97, title I, Sec. 11061(b), Dec. 22, 2017, 131 Stat. 2054.)
BACKGROUND NOTES
AMENDMENTS TO CHAPTER
1986--Pub. L. 99-514, title XIV, 1431(b), Oct. 22, 1986, 100 Stat. 2729, struck out “certain" after “Tax on” in item for chapter 13.
1976--Pub. L. 94-455, title XX, 2006(b)(1), Oct. 4, 1976, 90 Stat. 1888, added item for chapter 13.
AMENDMENTS TO SUBCHAPTER
1976--Pub. L. 94-455, title XX, 2001(c)(1)(N)(i), Oct. 4, 1976, 90 Stat. 1853, substituted “Imposition and rate of tax” for “Rate of tax” in item 2001.
AMENDMENTS
2017 - Subsec. (g). Pub. L. 115-97, Sec. 11061(b), amended subsec. (g). Before amendment, it read as follows:
“(g) Modifications To Gift Tax Payable To Reflect Different Tax Rates
“For purposes of applying subsection (b)(2) with respect to 1 or more gifts, the rates of tax under subsection (c) in effect at the decedent's death shall, in lieu of the rates of tax in effect at the time of such gifts, be used both to compute—
“(1) the tax imposed by chapter 12 with respect to such gifts, and
“(2) the credit allowed against such tax under section 2505, including in computing—
“(A) the applicable credit amount under section 2505(a)(1), and
“(B) the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2).”
2013- Subsec. (c). Pub. L. 112-240, Sec. 101(c)(1), amended subsec. (c) by substituting
 
“Over $500,000 but not over $750,000. $155,800, plus 37 percent of the excess of such amount over $500,000. 
Over $750,000 but not over $1,000,000. $248,300, plus 39 percent of the excess of such amount over $750,000. 
Over $1,000,000 .......................... $345,800, plus 40 percent of the excess of such amount over $1,000,000”
for “Over $500,000 .........$155,800, plus 35 percent of the excess of such amount over $500,000.”
2010- Subsec. (b)(2). Pub. L. 111-312, Sec. 302(d)(1)(A), amended par. (2) by substituting “if the modifications described in subsection (g)” for “if the provisions of subsection (c) (as in effect at the decedent's death)”.
Subsec. (c)(1) Pub. L. 111-312, Sec. 302(a)(2), amended the table in par. (1) by substituting “Over $500,000.....$15,800, plus 35 percent of the excess of such amount over $500,000.” for
 
“Over $500,000 but
 not over $750,000.........$155,800, plus 37 percent
                           of the excess of such
                           amount over $500,000.
Over $750,000 but
 not over $1,000,000.......$248,300, plus 39 percent
                           of the excess of such
                           amount over $750,000.
Over $1,000,000 but
 not over $1,250,000.......$345,800, plus 41 percent
                           of the excess of such
                           amount over $1,000,000.
Over $1,250,000 but
 not over $1,500,000.......$448,300, plus 43 percent
                           of the excess of such
                           amount over $1,250,000.
Over $1,500,000 but
 not over $2,000,000.......$555,800, plus 45 percent
                           of the excess of such
                           amount over $1,500,000.
Over $2,000,000 but
 not over $2,500,000.......$780,800, plus 49 percent
                           of the excess of such
                           amount over $2,000,000.
Over $2,500,000            $1,025,800, plus 50% of the excess
                           over $2,500,000.”
Subsec. (c)(1)-(2). Pub. L. 111-312, Sec. 302(a)(2), amended subsec. (c) by striking “(1) In General.—” and by striking par. (2). Before being struck, par. (2) read as follows:
“(2) Phasedown Of Maximum Rate Of Tax.—
“(A) In General.— In the case of estates of decedents dying, and gifts made, in calendar years after 2002 and before 2010, the tentative tax under this subsection shall be determined by using a table prescribed by the Secretary (in lieu of using the table contained in paragraph (1)) which is the same as such table; except that—
“(i) the maximum rate of tax for any calendar year shall be determined in the table under subparagraph (B), and
“(ii) the brackets and the amounts setting forth the tax shall be adjusted to the extent necessary to reflect the adjustments under subparagraph (A).
“(B) Maximum Rate.—
 

In calendar year:     The maximum rate is:
   2003                   49 percent
   2004                   48 percent
   2005                   47 percent
   2006                   46 percent
   2007, 2008, and 2009   45 percent.
Subsec. (g). Pub. L. 111-312, Sec. 302(d)(1)(B), added subsec. (g).
2001-Subsec. (c)(1). Pub. L. 107-16, Sec. 511(a), amended par. (1) by striking the two highest brackets and inserting the last bracket. Before being struck, par. (1) read as follows:
“(1) In general
 

If the amount with respect
to which the tentative
tax to be computed is:        The tentative tax is:

Not over $10,000............18 percent of such amount.

Over $10,000 but
 not over $20,000...........$1,800, plus 20 percent of
                            the excess of such amount
                            over $10,000.
Over $20,000 but
 not over $40,000...........$3,800, plus 22 percent of
                            the excess of such amount
                            over $20,000.
Over $40,000 but
 not over $60,000...........$8,200 plus 24 percent of
                            the excess of such amount
                            over $40,000.
Over $60,000 but
 not over $80,000...........$13,000, plus 26 percent of
                            the excess of such amount
                            over $60,000.
Over $80,000 but
 not over $100,000..........$18,200, plus 28 percent of
                            the excess of such amount
                            over $80,000.
Over $100,000 but
 not over $150,000.........$23,800, plus 30 percent of
                           the excess of such amount
                           over $100,000.
Over $150,000 but
 not over $250,000.........$38,800, plus 32 percent of
                           the excess of such amount
                           over $150,000.
Over $250,000 but
 not over $500,000.........$70,800, plus 34 percent of
                           the excess of such amount
                           over $250,000.
Over $500,000 but
 not over $750,000.........$155,800, plus 37 percent
                           of the excess of such
                           amount over $500,000.
Over $750,000 but
 not over $1,000,000.......$248,300, plus 39 percent
                           of the excess of such
                           amount over $750,000.
Over $1,000,000 but
 not over $1,250,000.......$345,800, plus 41 percent
                           of the excess of such
                           amount over $1,000,000.
Over $1,250,000 but
 not over $1,500,000.......$448,300, plus 43 percent
                           of the excess of such
                           amount over $1,250,000.
Over $1,500,000 but
 not over $2,000,000.......$555,800, plus 45 percent
                           of the excess of such
                           amount over $1,500,000.
Over $2,000,000 but
 not over $2,500,000.......$780,800, plus 49 percent
                           of the excess of such
                           amount over $2,000,000.

Over $2,500,000 but        $1,025,800, plus 53% of the excess
  $3,000,000               over $2,500,000.

Over $3,000,000            $1,290,800, plus 55% of the excess
                            over $3,000,000.”
Subsec. (c)(2). Pub. L. 107-16, Sec. 511(b), struck par. (2). Before being struck, it read as follows:
“(2)Phaseout of graduated rates and unified credit --
The tentative tax determined under paragraph (1) shall be increased by an amount equal to 5 percent of so much of the amount (with respect to which the tentative tax is to be computed) as exceeds $10,000,000 but does not exceed the amount at which the average tax rate under this section is 55 percent.”
Subsec. (c)(2). Pub. L. 107-16, Sec. 511(c), added par. (2).
1998--Subsec. (f)(2). Pub. L. 105-277, Sec. 4003(c), amended par. (2) by adding the flush sentence at the end.
Subsec. (f). Pub. L. 105-206, Sec. 6007(e)(2)(B), amended subsec. (f). Prior to amendment it read as follows:
“(f) Valuation of Gifts.--
If--
“(1)
the time has expired within which a tax may be assessed under chapter 12 (or under corresponding provisions of prior laws) on the transfer of property by gift made during a preceding calendar period (as defined in section 2502(b)), and
“(2)
the value of such gift is shown on the return for such preceding calendar period or is disclosed in such return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such gift,
the value of such gift shall, for purposes of computing the tax under this chapter, be the value of such gift as finally determined for purposes of chapter 12.”
1997--Subsec. (c)(2). Pub. L. 105-34, Sec. 501(a)(1)(D), amended par. (2) by substituting “the amount at which the average tax rate under this section is 55 percent” for “$21,040,000”.
Subsec. (f). Pub. L. 105-34, Sec. 506(a), added subsec. (f).
1993--Subsec. (c)(1). Pub. 103-66, Sec. 13208(a), amended the table contained in paragraph (1) of section 2001(c) by striking the last item and inserting the following new items:
 

“Over $2,500,000 but not over     $1,025,800, plus 53% of the excess
  $3,000,000                        over $2,500,000.
Over $3,000,000                   $1,290,800, plus 55% of the excess
                                    over $3,000,000.”
Subsec. (c)(2)-(3). Pub. L. 103-66, Sec. 13208(b)(1), amended par. (1) by striking par. (2) and redesignating par. (3) as par. (2). Before being struck, par. (2) read as follows:
“(2) Phase-in Of 50 Percent Maximum Rate.—
“(A) In General.—In the case of decedents dying, and ifts made, before 993, there shall be substituted for the last item in the schedule contained in paragraph (1) the items determined under this paragraph.
“(B) For 1982.—In the case of decedents dying, and gifts made, in 1982, the substitution under this paragraph shall be as follows:
 

“Over $2,500,000 but not over     $1,025,800, plus 53% of the excess
  $3,000,000                        over $2,500,000.
Over $3,000,000 but not over      $1,290,800, plus 57% of the excess
  $3,500,000                        over $3,000,000.
Over $3,500,000 but not over      $1,575,800, plus 61% of the excess
  $4,000,000                        over $3,500,000.
Over $4,000,000                   $1,880,800, plus 65% of the excess
                                    over $4,000,000.
“(C) For 1983.—In the case of decedents dying, and gifts made, in 1983, the substitution under this paragraph shall be as follows:
 

“Over $2,500,000 but not over     $1,025,800, plus 53% of the excess
  $3,000,000                        over $2,500,000.
Over $3,000,000 but not over      $1,290,800, plus 57% of the excess
  $3,500,000                        over $3,000,000.
Over $3,500,000                   $1,575,800, plus 60% of the excess
                                    over $3,500,000.
“(D) After 1983 And Before 1993.—In the case of decedents dying, and gifts made, after 1983 and before 1993, the substitution under this paragraph shall be as follows:
 

“Over $2,500,000 but not over     $1,025,800, plus 53% of the excess
  $3,000,000                        over $2,500,000.
Over $3,000,000                   $1,290,800, plus 55% of the excess
                                    over $3,000,000.”
Subsec. (c)(2). Pub. L. 103-66, Sec. 13208(b)(2), amended par. (2), as redesignated, by striking “($18,340,000 in the case of decedents dying, and gifts made, after 1992)” after “exceed $21,040,000”.
1987--Subsec. (b)(1). Pub. L. 100-203, 10401(b)(2)(A)(i), substituted “under subsection (c)” for “in accordance with the rate schedule set forth in subsection (c)”.
Subsec. (b)(2). Pub. L. 100-203, 10401(b)(2)(A)(ii), substituted “the provisions of subsec. (c)” for “the rate schedule set forth in subsection (c)”.
Subsec. (c)(2)(A). Pub. L. 100-203, 10401(a)(1), substituted “1993” for “1988”.
Subsec. (c)(2)(D). Pub. L. 100-203, 10401(a)(2), (3), substituted in heading “After 1983 and before 1993” for “For 1984, 1985, 1986, or 1987”, and in text “after 1983 and before 1993” for “in 1984, 1985, 1986, or 1987”.
Subsec. (c)(3). Pub. L. 100-203, 10401(b)(1), added par. (3).
1984--Subsec. (c)(2)(A), (D). Pub. L. 98-369 substituted “1988” for “1985” in subpar. (A) and substituted “1984, 1985, 1986, or 1987” for “1984” in heading and text of subpar. (D).
1981--Subsec. (b)(2). Pub. L. 97-34, 402(c), inserted “which would have been” before “payable” and “,if the rate schedule set forth in subsection (c) (as in effect at the decedent's death) had been applicable at the time of such gifts” after “December 31, 1976,”.
Subsec. (c). Pub. L. 97-34, 402(a), (b)(1), designated existing provision as par. (1), inserted heading “In general” and substituted in table provision that if the amount computed is over $2,500,000 then the tentative tax is $1,025,800 plus 50% of the excess over $2,500,000 for provisions that if the amount computed is over $2,500,000 but not over $3,000,000, then the tentative tax is $1,025,800 plus 53% of the excess over $2,500,000, over $3,000,000 but not over $3,500,000 then the tentative tax is $1,290,000 plus 57% of the excess over $3,000,000, over $3,500,000 but not over $4,000,000 then the tentative tax is $1,575,800 plus 61% of the excess over $3,500,000, over $4,000,000 but not over $4,500,000 then the tentative tax is $1,880,800 plus 65% of the excess over $4,000,000, over $4,500,000 but not over $5,000,000 then the tentative tax is $2,205,800 plus 69% of the excess over $4,500,000, over $5,000,000 then the tentative tax is $2,550,800 plus 70% of the excess over $5,000,000, and added par. (2).
1978--Subsec. (e). Pub. L. 95-600 added subsec. (e).
1976--Pub. L. 94-455 substituted provisions setting a unified rate schedule for estate and gift taxes ranging from 18 percent for the first $10,000 in taxable transfers to 70 percent of taxable transfers in excess of $5,000,000, with provision for adjustments for gift taxes paid by spouses, for provisions setting an estate tax of 3 percent of the first $5,000 of the taxable estate to 77 percent of the taxable estate in excess of $10,000,000.
EFFECTIVE DATE OF 2017 AMENDMENT
Amendment by Sec. 11061(b) of Pub. L. 115-97 effective for estates of decedents dying and gifts made after December 31, 2017.
EFFECTIVE DATE OF 2013 AMENDMENT
Amendment by Sec. 101(c)(1) of Pub. L. 112-240 effective for applicable to estates of decedents dying, generation-skipping transfers, and gifts made, after December 31, 2012.
EFFECTIVE DATE OF 2010 AMENDMENTS
Amendments by Sec. 302(a) and (d) of Pub. L. 111-312 applicable to estates of decedents dying, generation-skipping transfers, and gifts made, after December 31, 2009. Section 304 of Pub. L. 111-312, which was struck by Pub. L. 112-240, Sec. 101(a)(2), provided the following sunset provision:
“SEC. 304. APPLICATION OF EGTRRA SUNSET TO THIS TITLE. Section 901 of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall apply to the amendments made by this section.”
EFFECTIVE DATE OF 2001 AMENDMENTS
Amendments by Sec. 511(a) and (b) of Pub. L. 107-16 applicable to estates of decedents dying, and gifts made, after December 31, 2001.
Amendments by Sec. 511(c) of Pub. L. 107-16 applicable to estates of decedents dying, and gifts made, after December 31, 2002.
Section 901 (Sunset of Provisions of Act) of Pub. L. 107-16, as amended by Pub. L. 107-358 and Pub. L. 111-312, Sec. 101(a), Pub. L. 112-240, Sec. 101(a)(1), struck Pub. L. 107-16, §901, effective for taxable, plan, or limitation years beginning after Dec. 31, 2012, and estates of decedents dying, gifts made, or generation skipping transfers after Dec. 31, 2012. provided that:
“(a) IN GENERAL.--All provisions of, and amendments made by, this Act shall not apply--
“(1) to taxable, plan, or limitation years beginning after December 31, 2012, or
“(2) in the case of title V, to estates of decedents dying, gifts made, or generation skipping transfers, after December 31, 2012.
“(b) APPLICATION OF CERTAIN LAWS.--The Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 shall be applied and administered to years, estates, gifts, and transfers described in subsection (a) as if the provisions and amendments described in subsection (a) had never been enacted.
“(c) EXCEPTION.-Subsection (a) shall not apply to section 803 (relating to no federal income tax on restitution received by victims of the Nazi regime or their heirs or estates).”
EFFECTIVE DATE OF 1998 AMENDMENTS
Amendment by Sec. 4003(c) of Pub. L. 105-277 applicable as if included in the provisions of the Taxpayer Relief Act of 1997 to which it relates.
Amendment by Sec. 6007(e)(2)(B) of Pub. L. 105-206 applicable as if included in the provisions of the Taxpayer Relief Act to which it relates [Effective Date of Pub. L. 105-34, Sec. 506: gifts made after Aug. 5, 1997].
EFFECTIVE DATE OF 1997 AMENDMENTS
Amendment by Sec. 501(a)(1)(D) of Pub. L. 105-34 applicable to estates of decedents dying, and gifts made, after December 31, 1997.
Amendment by Sec. 506(a) of Pub. L. 105-34 applicable to gifts made after the date of the enactment of this Act [Aug. 5, 1997].
EFFECTIVE DATE OF 1993 AMENDMENTS
Amendments by Sec. 13208 of Pub. L. 103-66 applicable to estates of decedents dying, and gifts made, after December 31, 1992.
EFFECTIVE DATE OF 1987 AMENDMENT
Section 10401(c) of Pub. L. 100-203 provided that: “The amendments made by this section [amending sections 2001 and 2502 of this title] shall apply in the case of decedents dying, and gifts made, after December 31, 1987.”
EFFECTIVE DATE OF 1984 AMENDMENT
Section 21(b) of Pub. L. 98-369 provided that: “The amendments made by subsection (a) [amending this section] shall apply to the estates of decedents dying after, and gifts made after, December 31, 1983.”
EFFECTIVE DATE OF 1981 AMENDMENT
Section 402(d) of Pub. L. 97-34 provided that: “The amendments made by this section [amending this section] shall apply to estates of decedents dying after, and gifts made after, December 31, 1981.”
EFFECTIVE DATE OF 1978 AMENDMENT
Section 702(h)(3) of Pub. L. 95-600 provided that: “The amendments made by this subsection [amending sections 2001 and 2602 of this title] shall apply with respect to the estates of decedents dying after December 31, 1976, except that such amendments shall not apply to transfers made before January 1, 1977.”
EFFECTIVE DATE OF 1976 AMENDMENT
Section 2001(d)(1) of Pub. L. 94-455 provided that: “The amendments made by subsections (a) [enacting section 2010, amending sections 2001, 2012, and 2035, and repealing section 2052 of this title] and (c)(1) [amending sections 2011, 2012, 2013, 2014, 2038, 2044, 2101, 2102, 2104, 2106, 2107, 2206, 2207, and 6018 of this title] shall apply to the estates of decedents dying after December 31, 1976; except that the amendments made by subsection (a)(5) [amending section 2035 of this title] and subparagraphs (K) and (L) of subsection (c)(1) [amending sections 2038 and 2104 of this title] shall not apply to transfers made before January 1, 1977.”
REINSTATEMENT OF ESTATE TAX; REPEAL OF CARRYOVER BASIS
Section 301 of Pub. L. 111-312 provided:
“(a) IN GENERAL.—Each provision of law amended by subtitle A or E of title V of the Economic Growth and Tax Relief Reconciliation Act of 2001 is amended to read as such provision would read if such subtitle had never been enacted.
“(b) CONFORMING AMENDMENT.—On and after January 1, 2011, paragraph (1) of section 2505(a) of the Internal Revenue Code of 1986 is amended to read as such paragraph would read if section 521(b)(2) of the Economic Growth and Tax Relief Reconciliation Act of 2001 had never been enacted.
“(c) SPECIAL ELECTION WITH RESPECT TO ESTATES OF DECEDENTS DYING IN 2010.—Notwithstanding subsection (a), in the case of an estate of a decedent dying after December 31, 2009, and before January 1, 2011, the executor (within the meaning of section 2203 of the Internal Revenue Code of 1986) may elect to apply such Code as though the amendments made by subsection (a) do not apply with respect to chapter 11 of such Code and with respect to property acquired or passing from such decedent (within the meaning of section 1014(b) of such Code). Such election shall be made at such time and in such manner as the Secretary of the Treasury or the Secretary's delegate shall provide. Such an election once made shall be revocable only with the consent of the Secretary of the Treasury or the Secretary's delegate. For purposes of section 2652(a)(1) of such Code, the determination of whether any property is subject to the tax imposed by such chapter 11 shall be made without regard to any election made under this subsection.
“(d) EXTENSION OF TIME FOR PERFORMING CERTAIN ACTS.—
“ (1) ESTATE TAX.—In the case of the estate of a decedent dying after December 31, 2009, and before the date of the enactment of this Act, the due date for—
“(A) filing any return under section 6018 of the Internal Revenue Code of 1986 (including any election required to be made on such a return) as such section is in effect after the date of the enactment of this Act without regard to any election under subsection (c),
“(B) making any payment of tax under chapter 11 of such Code, and
“(C) making any disclaimer described in section 2518(b) of such Code of an interest in property passing by reason of the death of such decedent, shall not be earlier than the date which is 9 months after the date of the enactment of this Act.
“(2) GENERATION-SKIPPING TAX.—In the case of any generation-skipping transfer made after December 31, 2009, and before the date of the enactment of this Act, the due date for filing any return under section 2662 of the Internal Revenue Codeof 1986 (including any election required to be made on such a return) shall not be earlier than the date which is 9 months after the date of the enactment of this Act.
“(e) EFFECTIVE DATE.—Except as otherwise provided in this section, the amendments made by this section shall apply to estates of decedents dying, and transfers made, after December 31, 2009.”
TERMINATION
Section 501(a) (Estate Tax Repeal) of Pub. L. 107-16 added Code Sec. 2210, which states that chapter 11 of subtitle B shall not apply to the estates of decedents dying after December 31, 2009.
Note, however, that Section 901 (Sunset of Provisions of Act) of Pub. L. 107-16, as amended by Pub. L. 107-358 and Pub. L. 111-312, and struck by Pub. L. 112-240, Sec. 101(a)(1) (effective for taxable, plan, or limitation years beginning after Dec. 31, 2012, and estates of decedents dying, gifts made, or generation skipping transfers after Dec. 31, 2012), provided that:
“(a) IN GENERAL.--All provisions of, and amendments made by, this Act shall not apply--
“(1) to taxable, plan, or limitation years beginning after December 31, 2012, or
“(2) in the case of title V, to estates of decedents dying, gifts made, or generation skipping transfers, after December 31, 2012.
“(b) APPLICATION OF CERTAIN LAWS.--The Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 shall be applied and administered to years, estates, gifts, and transfers described in subsection (a) as if the provisions and amendments described in subsection (a) had never been enacted.
“(c) EXCEPTION.-Subsection (a) shall not apply to section 803 (relating to no federal income tax on restitution received by victims of the Nazi regime or their heirs or estates).”
CLARIFICATION OF TREATMENT OF CERTAIN EXEMPTIONS FOR PURPOSES OF FEDERAL ESTATE AND GIFT TAXES
Section 641 of Pub. L. 98-369, as amended by Pub. L. 99-514, 2, Oct. 22, 1986, 100 Stat. 2095, provided that:
“(a) General Rule.--Nothing in any provision of law exempting any property (or interest therein) from taxation shall exempt the transfer of such property (or interest therein) from Federal estate, gift, and generation-skipping transfer taxes. In the case of any provision of law enacted after the date of the enactment of this Act [July 18, 1984], such provision shall not be treated as exempting the transfer of property from Federal estate, gift, and generation-skipping transfer taxes unless it refers to the appropriate provisions of the Internal Revenue Code of 1986 [formerly I.R.C. 1954].
“(b) Effective Date.--
“(1) In general.--The provisions of subsection (a) shall apply to the estates of decedents dying, gifts made, and transfers made on or after June 19, 1984.
“(2) Treatment of certain transfers treated as taxable.--The provisions of subsection (a) shall also apply in the case of any transfer of property (or interest therein) if at any time there was filed an estate or gift tax return showing such transfer as subject to Federal estate or gift tax.
“(3) No inference.--No inference shall arise from paragraphs (1) and (2) that any transfer of property (or interest therein) before June 19, 1984, is exempt from Federal estate and gift taxes.”
REPORTS WITH TRANSFERS OF PUBLIC HOUSING BONDS
Section 642 of Pub. L. 98-369 provided that:
“(a) General Rule.--With respect to transfers of public housing bonds occurring after December 31, 1983, and before June 19, 1984, the taxpayer shall report the date and amount of such transfer and such other information as the Secretary of the Treasury or his delegate shall prescribe by regulations to allow the determination of the tax and interest due if it is ultimately determined that such transfers are subject to estate, gift, or generation-skipping tax.
“(b) Penalty for Failure to Report.--Any taxpayer failing to provide the information required by subsection (a) shall be liable for a penalty equal to 25 percent of the excess of (1) the estate, gift, or generation-skipping tax that is payable assuming that such transfers are subject to tax, over (2) the tax payable assuming such transfers are not so subject.”
SHORT TITLE
Pub. L. 91-614, 1(a), Dec. 31, 1970, 84 Stat. 1836, provided that: “This Act [enacting section 6905 of this title, section 1232a of Title 15, Commerce and Trade, and section 1033 of former Title 31, Money and Finance, amending sections 56, 1015, 1223, 2012, 2032, 2055, 2204, 2501, 2502, 2503, 2504, 2512, 2513, 2515, 2521, 2522, 2523, 4061, 4063, 4216, 4251, 4491, 6019, 6040, 6075, 6091, 6161, 6212, 6214, 6324, 6412, 6416, 6501, 6504, and 6512 of this title, and enacting provisions set out as notes under sections 56, 2032, 2204, 2501, 4063, 4216, 4251, 4491, and 6905 of this title] may be cited as the ‘Excise, Estate, and Gift Tax Adjustment Act of 1970’.”