Page:United States Statutes at Large Volume 90 Part 2.djvu/382

 90 STAT. 1850 "Adjusted taxable estate."

PUBLIC LAW 94-455—OCT. 4, 1976 " For purposes of t h i s section, the term 'adjusted taxable estate' means the taxable estate reduced by $60,000.", (iii) by striking o u t "taxable estate" each place i t appears in subsection (e) and inserting in lieu thereof "adjusted taxable estate"; and (iv) by a d d i n g a t the end thereof the following new subsection: "(f)

L I M I T A T I O N BASED ON A M O U N T OF T A X. — The c r e d i t provided

by this section shall not exceed the amount of the tax imposed by section 2001, reduced by the amount of the unified credit provided by section 2010." 26 USC 2012.

Ante, p. 1848.

(B) CREDIT FOR GIFT TAX.—Subsection (a) of section 2012

(relating to credit for gift tax) is amended by striking out "provided by section 2011" and inserting in lieu thereof "provided by section 2011 and the unified credit provided by section 2010". (C) CREDIT FOR TAX ON PRIOR TRANSFERS.—

26 USC 2013.

(i) The first sentence of section 2013(b) is amended by striking out " and increased by the exemption provided for by section 2052 or section 2106(a)(3), o r the corresponding provisions of p r i o r laws, in determining the taxable estate of the transferor for purposes of the estate tax". (ii) Subparagraph (A) of section 2 0 1 3 (e)(1) is amended to read as follows: " (A) the estate tax imposed by section 2001 or section 2101 (after deducting the credits provided for in sections 2010, 2011, 2012, and 2014) computed without regard to this section, exceeds".

26 USC 2101.

(D) R A T E OF TAX I N CASE o r NONRESIDENTS NOT CITIZENS.—

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Section 2101 (relating to tax imposed in the case of estates of nonresidents not citizens) is amended to read as follows: "SEC. 2101. TAX IMPOSED. " (a) IMPOSITION.—Except as provided i n section 2107, a tax is hereby imposed on the transfer of the taxable estate (determined as provided in section 2106) of every decedent nonresident not a citizen of the United States. " (b) COMPUTATION OF T A X. — The tax imposed by this section shall be the amount equal to the excess (if any) of— " (1) a tentative tax computed i n accordance with the rate schedule set forth i n subsection (d) on the sum of— " (A) the amount of the taxable estate, and " (B) the amount of the adjusted taxable gifts, over " (2) a tentative tax computed i n accordance with the rate schedule set forth i n subsection (d) on the amount of the adjusted taxable gifts. " (c) ADJUSTMENTS FOR TAXABLE G I F T S. — " (1) ADJUSTED TAXABLE GIFTS DEFINED.—For purposes of t h i s

section, the term 'adjusted taxable gifts' means the total amount of the taxable gifts (within the meaning of section 2503 as modified by section 2511) made by the decedent after December 3 1, 1976, other than gifts which a r e includible i n the gross estate of the decedent. " (2) ADJUSTMENT FOR CERTAIN GIFT TAX.—For purposes of this section, the rules of section 2001(d) shall apply.

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