Page:United States Statutes at Large Volume 102 Part 4.djvu/699

 PUBLIC LAW 100-647—NOV. 10, 1988

102 STAT. 3669

may be based on the same mortality experience as used for purposes of section 2031 on the date of the enactment of this section. "(3) REVISION FOR RECENT MORTALITY CHARGES.—Not later than December 31, 1989, the Secretary shall revise the initial tables prescribed for purposes of subsection (a) to take into account the most recent mortality experience available as of the time of such revision. Such tables shall be revised not less frequently than once each 10 years thereafter to take into account the most recent mortality experience available as of the time of the revision. "(d) VALUATION DATE.—For purposes of this section, the term 'valuation date' means the date as of which the valuation is made. "(e) TABLES TO INCLUDE FORMULAS.—For purposes of this section, the term 'tables' includes formulas." (b) CLERICAL AMENDMENT.—The table of sections for chapter 77 of the 1986 Code is amended by adding at the end thereof the following new item: "Sec. 7520. Valuation tables." (c) EFFECTIVE DATE.—The amendments made by this section shall

26 USC 7520 apply in cases where the date as of which the valuation is to be note. made occurs on or after the 1st day of the 6th calendar month beginning after the date of the enactment of this Act. SEC. 5032. RATE SCHEDULE FOR TAX ON ESTATES OF NONRESIDENTS NOT CITIZENS. (a) GENERAL RULE.—Subsection (b) of section 2101 of the 1986 Code (relating to computation of tax) is amended by striking out "a tentative tax computed in accordance with the rate schedule set forth in subsection (d)" each place it appears and inserting in lieu thereof "a tentative tax computed under section 2001(c)". , (b) AMOUNT OF UNIFIED CREDIT.—

(1) IN GENERAL.—Subsection (c) of section 2102 of the 1986 CvOo6 IS flmftTiHftfl——

(A) by striking out "$3,600" in paragraphs (1) and (2)(A) and inserting in lieu thereof "$13,000", and (B) by striking out "$15,075" in paragraph (2)(B) and inserting in lieu thereof "$46,800". (2) COORDINATION WITH TREATIES, ETC.—Paragraph (3) of section 2102(c) of the 1986 Code is amended to read as follows: "(3) SPECIAL RULES.— "(A) COORDINATION WITH TREATIES.—To the

extent

re-

quired under any treaty obligation of the United States, the credit allowed under this subsection shall be equal to the amount which bears the same ratio to $192,800 as the value of the part of the decedent's gross estate which at the time of his death is situated in the United States bears to the value of his entire gross estate wherever situated. "(B) COORDINATION WITH GIFT TAX UNIFIED CREDIT.—If a

credit has been allowed under section 2505 with respect to any gift made by the decedent, each dollar amount contained in paragraph (1) or (2) or subparagraph (A) of this paragraph (whichever applies) shall be reduced by the amount so allowed." (c) TECHNICAL AMENDMENT.—Subsection (d) of section 2101 of the 1986 Code is hereby repealed.

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