Page:United States Statutes at Large Volume 90 Part 2.djvu/384

 90 STAT. 1852

PUBLIC LAW 94-455—OCT. 4, 1976 sections (a) and (b) of section 2102. For purposes of subsection (a) of section 2102, sections 2011 to 2013, inclusive, shall be applied as if the credit allowed under paragraph (1) were allowed under section 2010."

/

(F)

26 USC 2106.

R E P E A L o r SPECIFIC E X E M P T I O N. — Paragraph

(3)

of

section 2106(a) (relating to specific exemption in case of decedents nonresidents not citizens) is hereby repealed. (G)

26 USC 2014.

CREDIT FOR FOREIGN DEATH T A X E S. — Paragraph (2)

of

section 2014(b) (relating to limitations on credit) is amended by striking out "sections 2011 and 2012" and inserting in lieu thereof "sections 2010, 2011, and 2012". (H) L I A B I L I T Y OF LIFE INSURANCE BENEFICIARIES,—The first

26 USC 2206.

sentence of section 2206 (relating to liability of life insurance beneficiaries) is amended by striking out "the sum of the taxable estate and the amount of the exemption allowed in comp u t i n g the taxable estate, determined under section 2051" and inserting in lieu thereof " the taxable estate". (I)

26 USC 2207.

first

26 USC 6018.

LIABILITY OF RECIPIENTS OF CERTAIN PROPERTY.—The

sentence of section 2207 (relating to liability of recipient of property over which decedent h a d power of appointment) is amended by striking out " the sum of the taxable estate and the amount of the exemption allowed in computing the taxable estate, determined under section 2052, o r section 2106(a), as the case may b e " and inserting in lieu thereof " the taxable estate". (J) RETURN BY EXECUTOR,—Subsection (a) of section 6018

(relating to estate tax returns by executor) is amended— (i) by striking out "$60,000" in paragraph (1) and inserting in lieu thereof "$175,000"; (ii) by striking out "$30,000" in paragraph (2) and inserting in lieu thereof "$60,000"; and (iii) by a d d i n g at the end thereof the following new paragraphs: " (3) P H A S E - I N OF FILING REQUIREMENT AMOUNT.—In the case of

a decedent dying before 1981, paragraph (1) shall " (A) in the case of a decedent d y i n g during s t i t u t i n g '$120,000' for '$175,000', " (B) in the case of a decedent d y i n g during stituting'$134,000'for'$175,000', " (C) in the case of a decedent dying during stituting'$147,000'for'$175,000', and " (D) in the case of a decedent d y i n g during stituting '$161,000' for '$175,000'.

be applied— 1977, by sub1978, by sub1979, by sub1980, by sub-

" (4) ADJUSTMENT FOR CERTAIN GIFTS.—The a m o u n t applicable

Ante, p. 1846. ' 19 USC 2101.

under paragraph (1) and the amount set forth in paragraph (2) shall each be reduced ( b u t not below zero) by the sum of— " (A) the amount of the adjusted taxable gifts (within the meaning of section 2001(b)) made by the decedent after December 31, 1976, plus " (B) the aggregate amount allowed as a specific exemption under section 2521 (as in effect before its repeal by the T a x Reform Act of 1976) with respect to gifts made by the decedent after September 8, 1976." (K)

26 USC 2038.

REVOCABLE TRANSFERS.—

(i) Paragraph (1) of section 2038(a) (relating to revocable transfers) is amended by striking out "in con-

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