Page:United States Statutes at Large Volume 92 Part 3.djvu/298

 92 STAT. 2930 26 USC 6324A.

26 USC 6324A note.

PUBLIC LAW 95-600—NOV. 6, 1978 (B) Subparagraph (B) of section 6324A(b)(2) (relating to maximum value of required property) is amended by striking out "aggregate interest amount and inserting in lieu thereof "required interest amount". (C) Paragraph (5) of section 6324A(d) (relating to special rules) is amended by striking out "aggregate interest amount" and inserting in lieu thereof 'required interest amount". (D) Paragraph (4) of section 6324A(e) (relating to application of definitions in case of deficiencies) is amended by striking out "aggregate interest amount" and inserting in lieu thereof "required interei^t amount". (2) EFFECTIVE DATE.—The amendments made by this section shall apply to the estates of decedents dying after December 31, 1976. if) CLARIFICATION OF THE $3,000 ANNUAL EXCLUSION FROM THE RULE INCLUDING IN GROSS ESTATE TRANSFERS WITHIN 3 YEARS OF DEATH.— (1) AMENDMENT OF SECTION 2035(b).—Subsection (b) of section

26 USC 2035.

26 USC 6019.

26 USC 2035 note.

2035 (relating to adjustments for gifts made within 3 years of decedent's death) is amended to read as follows: "(b) EXCEPTIONS.—Subsection (a) shall not apply— "(1) to any bona fide sale for an adequate and full consideration in money or money's worth, and "(2) to any gift to a donee made during a calendar year if the decedent was not required by section 6019 to file any gift tax return for such year with respect to gifts to such donee. Paragraph (2) shall not apply to any transfer with respect to a life insurance policy." (2) EFFECTIVE DATE.—The amendment made by paragraph (1) shall apply to the estates of decedents dying after December 31, 1976, except that it shall not apply to transfers made before January 1, 1977. (g) AMENDMENTS RELATING TO ESTATE TAX MARITAL DEDUCTION.— (1) DEDUCTION NOT REDUCED FOR GIFT TO SPOUSE WHICH IS INCLUDED IN DONOR'S ESTATE BY REASON OF SECTION 2035.—

26 USC 2056.

26 USC 2035.

Subparagraph (B) of section 2056(c)(1) (relating to adjustment to estate tax marital deduction for certain gifts to spouse) is amended by adding at the end thereof the following new sentence: "For purposes of this subparagraph, a gift which is includible in the gross estate of the donor by reason of section 2035 shall not be taken into account." (2) REDUCTION FOR GIFT TAX MARITAL DEDUCTION IN EXCESS OF 50 PERCENT OF THE VALUE OF GIFTS TO A SPOUSE.—ClaUSe (ii) of

26*USC 2056.

26 USC 2056 note. 26 USC 2513, 2035. 26 USC 2001.

section 2056(c)(1)(B) (relating to adjustment to estate tax marital deduction for certain gifts to spouse) is amended by inserting "required to be included in a gift tax return" after "with respect to any gift". (3) EFFECTIVE DATE.—The amendment made by this subsection shall apply to the estates of decedents dying after December 31, 1976. (h) COORDINATION OF SECTIONS 2513 AND 2035.— (1) IN GENERAL.—Section 2001 (relating to imposition and rate Qf estate tax) is amended by adding at the end thereof the following new subsection: >;= i

�