Page:United States Statutes at Large Volume 111 Part 1.djvu/883

 PUBLIC LAW 105-34—AUG. 5, 1997 111 STAT. 859 "(6) ELECTION. —The election under this subsection shall be made on the return of the tax imposed by section 2001. Such an election, once made, shall be irrevocable. "(7) CALCULATION OF ESTATE TAX DUE.— An executor making the election described in paragraph (6) shall, for purposes of calculating the amount of tax imposed by section 2001, include the value of any development right (as defined in paragraph (5)) retained by the donor in the conveyance of such qualified conservation easement. The computation of tax on any retained development right prescribed in this paragraph shall be done in such manner and on such forms as the Secretary shall prescribe. "(8) DEFINITIONS. —For purposes of this subsection— " (A) LAND SUBJECT TO A QUALIFIED CONSERVATION EASEMENT. — The term 'land subject to a qualified conservation easement' means land— "(i) which is located— "(I) in or within 25 miles of an area which, on the date of the decedent's death, is a metropolitan area (as defined by the Office of Management and Budget), "(II) in or within 25 miles of an area which, on the date of the decedent's death, is a national park or wilderness area designated as part of the National Wilderness Preservation System (unless it is determined by the Secretary that land in or within 25 miles of such a park or wilderness area is not under. significant development pressure), or "(HI) in or within 10 miles of an area which, on the date of the decedent's death, is an Urban National Forest (as designated by the Forest Service), "(ii) which was owned by the decedent or a member of the decedent's family at all times during the 3- year period ending on the date of the decedent's death, and "(iii) with respect to which a qualified conservation easement has been made by an individual described in subparagraph (C), as of the date of the election described in paragraph (6). "(B) QUALIFIED CONSERVATION EASEMENT. —The term 'qualified conservation easement' means a qualified conservation contribution (as defined in section 170(h)(1)) of a quEdified real property interest (as defined in section 170(h)(2)(C)), except that clause (iv) of section 170(h)(4)(A) shall not apply, and the restriction on the use of such interest described in section 170(h)(2)(C) shall include a prohibition on more than a de minimis use for a commercial recreational activity. "(C) INDIVIDUAL DESCRIBED.—An individual is described in this subparagraph if such individual is— "(i) the decedent, "(ii) a member of the decedent's family, "(iii) the executor of the decedent's estate, or

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