Page:United States Statutes at Large Volume 90 Part 2.djvu/336

 9 0 STAT. 1804

PUBLIC LAW 94-455—OCT. 4, 1976 SEC. 1902. AMENDMENTS OF SUBTITLE B; ESTATE AND GIFT TAXES. (a) IN GENERAL.— (1) AMENDMENTS OF SECTION 2 0 1 2. —

26 USC 2012.

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(A) Section 2012(b) (relating to credit for gift tax) is amended— (i) by striking out " (b) I n applying," and inserting in lieu thereof " (b) VALUATION KEDUCTIONS.—In applying,", and (ii) by striking out in paragraph s (2) and (3) "deduction) — the n " and inserting in lieu thereof "deduction), then". (B) Section 2012(c) (relating to gift by spouse or t h i r d party) is amended by striking out " (c) W h e r e the decedent"

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and inserting in lieu thereof " (c) W H E R E G I F T CONSIDERED M A D E. O N E - H A L F BY SPOUSE.—Where the

decedent".

(G) Section 2 0 1 2 (d)(1) (relating to computation of aMount of gift tax) is amended by striking o u t " (d)(1) For / / purposes of" and inserting in lieu thereof the following:

"(d) ( COMPUTATION

OF A M O U N T OF G I F T T A X PAID.^—

•(1) A M O U N T OF T A X. — For purposes of".

(D) Section 2012(d)(2) (relating to credit for gift tax) is amended by striking out " (2) For purposes" and inserting in lieu thereof: " (2) A M O U N T OF GIFT.—For purposes". 26 USC 2013.

(2) AMENDMENTS OF SECTION 2013.—Section 2 0 1 3 (d)(3)

is

amended by striking out ", or the corresponding provision of p r i o r law,". (3) AMENDMENT OF SECTION 2038,—Section 2038 (relating to revocable transfers) is amended by striking out subsection (c) (relating to effect of disability in certain cases).

26 USC 2038.

(4) AMENDMENTS OF SECTION 2055.—

26 USC 2055.

( ^) Section 2055(b) (relating to powers of appointment) is amended to read as follows: " (b) POWERS OF APPOINTMENT. — Property includible in the decedent's gross estate under section 2041 (relating to powers of appointment) received by a donee described in this section shall, for purposes of this section, be considered a bequest of such decedent." (B) Section 2055(f) (relating to cross references) is amended to read as follows: (f) CROSS REFERENCES.—

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16 USC 19Z.

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"(1) For option as to time for valuation for purpose of deduction under this section, see section 2032. "(2) For exemption of gifts and bequests to or for the benefit of Library of Congress, see section 5 of the Act of March 3, 1925, as amended (2 U.S.C. 161). "(3) For treatment of gifts and bequests for the benefit of the OflBce of Naval Records and History as gifts or bequests to or for the use of the United States, see section 7222 of title 10, United States Code. "(4) For treatment of gifts and bequests to or for th« benefit of National Park Foundation as gifts or bequests to or for the use of the United States, see section 8 of the Act of December 18, 1967 (16 U.S.C. 191). (5) For treatment of gifts, devises, or bequests accepted by the Secretary of State under the Foreign Service Act of 1946 as gifts, devices, or bequests to or for the use of the United States, see section 1021 fe) of that Act (22 U.S.C. 809(e)). "(6) For treatment of gifts or bequests of money accepted by the Attorney General for credit to 'Commissary Funds, Federal Prisons,* as gifts or bequests to or for the use of the United States, see section 2 of the Act of May 15, 1952, as amended by the Act of July 9, 1952 (31 U.S.C. 725S-4).

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