Page:United States Statutes at Large Volume 90 Part 2.djvu/424

 90 STAT. 1892 26 USC 6075.

PUBLIC LAW 94-455—OCT. 4, 1976 (b) SPECIAL RULE FOR FILING RETURNS WHERE GIFTS I N CALENDAR QUARTER TOTAL $25,000 OR LESS.—Subsection (b) of section 6075

relating to gift tax returns) is amended to read as follows: "(b)

GIFT TAX RETURNS.—

"(1) GENERAL RULE.—Except as provided in paragraph (2), returns made under section 6019 (relating to gift taxes) shall be filed on or before the 15th day of the second month following the close of the calendar quarter. "(2)

SPECIAL RULE WHERE GIFTS IN A CALENDAR QUARTER TOTAL

125,000 O LESS.—If the total amount of taxable gifts made by a R person during a calendar quarter is $25,000 or less, the return under section 6019 for such quarter shall be filed on or before the 15th day of the second month after— "(A) the close of the first subsequent calendar quarter in the calendar year in which the sum of— "(i) the taxable gifts made during such subsequent quarter, plus "(ii) all other taxable gifts made during the calendar year and for which a return has not yet been required to be filed under this subsection, exceeds $25,000, or "(B) if a return is not required to be filed under subparagraph (A), the close of the fourth calendar quarter of the calendar year.

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" (3) NONRESIDENTS NOT CITIZENS OF THE UNITED STATES.—In the

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case of a nonresident not a citizen of the United States, paragraph (2) shall be applied by substituting '$12,500' for '$25,000' each place it appears." (c) PUBLIC INDEX OF FILED TAX LIENS.— (1) INITIAL FILING OF NOTICE.—

26 USC 6323.

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(A) Section 6323(f) (relating to filing of notice of lien) is amended by adding at the end thereof the following new paragraph: "(4) INDEX.—The notice of lien referred to in subsection (a) shall not be treated as meeting the filing requirements under paragraph (1) unless the fact of filing is entered and recorded in a public index at the district office of the Internal Revenue Service for the district in which the property subject to the lien is situated." (B) Paragraph (2) of section 6323(f) is amended by striking out "paragraph (1) " and inserting in lieu thereof "paragraphs (1) and (4)". (2) REFILING OF NOTICE.—Section 6323(g)(2)(A) (relating to refiling of notice of lien) is amended to read as follows: "(A) if such notice of lien is refiled in the office in which ^^ prior notice of lien was filed and the fact of refiling is entered and recorded in an index in accordance with subsection (f)(4); and ". (d) EFFECTIVE DATES.—

26 USC 7517 note. 26 USC 2001. 26 USC 2501.

(1) The amendments made by subsection (a)— (A) insofar as they relate to the tax imposed under chapter 11 of the Internal Revenue Code of 1954, shall apply to the estates of decedents dying after December 31, 1976, and (B) insofar as they relate to the tax imposed under chapter 12 of such Code, shall apply to gifts made after December 31, 1976.

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