Page:United States Statutes at Large Volume 68A.djvu/420

 380

INTERNAL REVENUE CODE OF 1954

under section 2011 or 2014, as is attributable to a reversionary or remainder interest may be allowed as a credit against the tax attributable to such interest, subject to the limitations on the amount of the credit contained in such sections, if such part is paid, and credit therefor claimed, at any time before the expiration of 60 days after the termination of the precedent interest or interests in the property, SEC. 2016. RECOVERY OF TAXES CLAIMED AS CREDIT. If any tax claimed as a credit under section 2011 or 2014 is recovered from any foreign country, any State, any Territory or possession of the United States, or the District of Columbia, the executor, or any other person or persons recovering such amount, shall give notice of such recovery to the Secretary or his delegate at such time and in such manner as may be required by regulations prescribed by him, and the Secretary or his delegate shall (despite the provisions of section 6501) redetermine the amount of the tax under this chapter and the amount, if any, of the tax due on such redetermination, shall be paid by the executor or such person or persons, as the case may be, on notice and demand. No interest shall be assessed or collected on any amount of tax due on any redetermination by the Secretary or his delegate, resulting from a refund to the executor of tax claimed as a credit under section 2014, for any period before the receipt of such refund, except to the extent interest was paid by the foreign country on such refund. PART III—GROSS ESTATE Sec. 2031. Sec. 2032. Sec. 2033. Sec. 2034. Sec. 2035. Sec. 2036. Sec. 2037. Sec. 2038. Sec. 2039. Sec. 2040. Sec. 2041. Sec. 2042. Sec. 2043. Sec. 2044.

Definition of gross estate. Alternate valuation. Property in which the decedent had an interest. Dower or curtesy interests. Transactions in contemplation of death. Transfers with retained life estate. Transfers taking effect at death. Revocable transfers. Annuities. Joint interests. Powers of appointment. Proceeds of life insurance. Transfers for insufficient consideration. Prior interests.

.

'

SEC. 2031. DEFINITION OF GROSS ESTATE.

(a) GENERAL.—The value of the gross estate of the decedent shall be determined by including to the extent provided for in this part, the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated, except real property situated outside of the United States. (b) VALUATION OF UNLISTED STOCK AND SECURITIES.—In the case of stock and securities of a corporation the value of which, by reason of their not being listed on an exchange and by reason of the absence of sales thereof, cannot be determined with reference to bid and asked prices or with reference to sales prices, the value thereof shall be determined by taking into consideration, in addition to all other factors, the value of stock or securities of corporations engaged in the same or a similar line of business which are listed on an exchange. §2015

�