Page:United States Statutes at Large Volume 84 Part 2.djvu/510

 1840

PUBLIC LAW 91-614-DEC. 31, 1970

[84 STAT.

"SEC.

Post, p. 1841.

2504. TAXABLE GIFTS FOR PRECEDING YEARS AND QUARTERS. " (a) IN GENERAL.—In computing taxable gifts for preceding calendar years or calendar quarters for the purpose of computing the tax for any calendar quarter, there shall be treated as gifts such transfers as were considered to be gifts under the gift tax laws applicable to the years or calendar quarters in which the transfers were made and there shall be allowed such deductions as were provided for under such laws; except that the specific exemption in the amount, if any, allowable under section 2521 shall be applied in all computations in respect of previous calendar years or calendar quarters for the purpose of computing the tax for any calendar year or calendar quarter. "(b)

EXCLUSIONS FROM G U T S FOR PRECEDING YEARS AND QUAR-

TERS.—In the case of gifts made to any person by the donor during preceding calendar years and calendar quarters, the amount excluded, if any, by the provisions of gift tax laws applicable to the years and calendar quarters in which the gifts were made shall not, for purposes of subsection (a), be included in the total amount of the gifts made during such years and calendar quarters. "(c)

Ante, p. 1839.

VALUATION OF CERTAIN GIFTS FOR PRECEDING CALENDAR YEARS

AND QUARTERS.—If the time has expired within which a tax may be assessed under this chapter or under corresponding provisions of prior laws on the transfer of property by gift made during a preceding caleudar year or calendar quarter, as defined in section 2502(c), and if a tax under this chapter or under corresponding provisions of prior laws has been assessed or paid for such preceding calendar year or calendar quarter, the value of such gift made in such preceding calendar year or calendar quarter shall, for purposes of computing the tax under this chapter for any calendar quarter, be the value of such gift which was used in computing the tax for the last preceding calendar year or calendar quarter for which a tax under this chapter or under corresponding provisions of prior laws was assessed or paid. " (d) NET GIFTS.—The term 'net gifts' as used in corresponding provisions of prior laws shall be read as 'taxable gifts' for purposes of this chapter." (B) The table of sections for subchapter A of chapter 12 is amended by striking out the item relating to section 2504 and inserting in lieu thereof the following: "Sac. 2504. Taxable gifts for preceding years and quarters." (b)

26^sc 25'*!°^*

AMENDMENTS TO SUBCHAPTER B OF CHAPTER 12.— (1) SECTION 2512.—Subsection (b) of section 2512

is amended by striking out "calendar year" and inserting in lieu thereof "calendar quarter". (2) SECTION 2513.— (A) Section 2513 is amended by striking out "calendar year" each place it appears and inserting in lieu thereof "calendar quarter". (B) Subparagraph (A) of subsection (b)(2) of section 2513 is amended to read as follows: " (A) the consent may not be signified after the 15th day of the second month following the close of such calendar quarter, unless before such 15th day no return has been filed for such calendar quarter by either spouse, in which case the consent may not be signified after a return for such calendar quarter is filed by either spouse;".

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