Page:United States Statutes at Large Volume 95.djvu/343

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 317

"(B) WORK OF ART DEFINED.—For purposes of this paragraph, the term 'work of art' means any tangible personal property with respect to which there is a copyright under Federal law. "(C) QUALIFIED CONTRIBUTION DEFINED.—For purposes of this paragraph, the term 'qualified contribution' means any transfer of property to a qualified organization if the use of the property by the organization is related to the purpose or function constituting the basis for its exemption under section 501. "(D) QUALIFIED ORGANIZATION DEFINED.—For purposes of this paragraph, the term 'qualified organization' means any organization described in section 501(c)(3) other than a private foundation (as defined in section 509). For purposes of the preceding sentence, a private operating foundation (as defined in section 4942(j)(3)) shall not be treated as a private Post, p. 351. foundation." (b) GIFT TAX.—Subsection (c) of section 2522 is amended by adding 26 USC 2522. at the end thereof the following new paragraph: "(3) Rules similar to the rules of section 2055(e)(4) shall apply Ante, p. 316. for purposes of paragraph (2)." (c) EFFECTIVE DATES.— (1) SUBSECTION (a).—The amendment made by subsection (a) 26 USC 2055

shall apply to the estates of decedents dying after December 31, 1981. (2) SUBSECTION (b).—The amendment made by subsection 0)) shall apply to transfers after December 31, 1981. SEC. 424. GIFTS MADE WITHIN 3 YEARS OF DECEDENT'S DEATH NOT INCLUDED IN GROSS ESTATE. (a) GENERAL RULE.—Section 2035 (relating to adjustments for gifts made within 3 years of decedent's death) is amended by adding at the end thereof the following new subsection: "(d) DECEDENTS DYING AFTER 1981.— "(1) IN GENERAL.—Except as otherwise provided in this subsection, subsection (a) shall not apply to the estate of a decedent dying after December 31, 1981. "(2) EXCEPTIONS FOR CERTAIN TRANSFERS.—Paragraph (1) shall not apply to a transfer of an interest in property which is included in the value of the gross estate under section 2036, 2037, 2038, 2041, or 2042 or would have been included under any of such sections if such interest had been retained by the decedent.

"° ^ 26 USC 2522 "°*^^

26 USC 2035.

"(3) 3-YEAR RULE RETAINED FOR CERTAIN PURPOSES.—Paragraph

(1) shall not apply for purposes of— "(A) section 30303) (relating to distributions in redemption of stock to pay death taxes), "(B) section 2032A (relating to special valuation of certain farm, etc., real property), "(C) section 6166 (relating to extension of time for payment of estate tax where estate consists largely of interest in closely held business), and "(D) subchapter C of chapter 64 (relating to lien for 26 USC 6321. taxes)." Qo) EFFECTIVE DATE.—The amendment made by subsection (a) shall 26 USC 2035 apply to the estates of decedents dying after December 31, 1981. "°^^

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