Page:United States Statutes at Large Volume 95.djvu/347

 PUBLIC LAW 97-34—AUG. 13, 1981

95 STAT. 321

gifts of future interests in property) made to any person by the donor during the calendar year, the first $10,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year." (4) SECTION 2504.—

26 USC 2504.

(A) Subsection (a) of section 2504 is amended to read as follows: "(a) IN GENERAL.—In computing taxable gifts for preceding calendar periods for purposes of computing the tax for any calendar year— "(1) there shall be treated as gifts such transfers as were considered to be gifts under the g&t tax laws applicable to the calendar period in which the transfers were made, "(2) there shall be allowed such deductions as were provided for under such laws, and "(3) the specific exemption in the amount (if any) allowable under section 2521 (as in effect before its repeal by the Tax Reform Act of 1976) shall be applied in all computations in respect of preceding calendar periods ending before January 1, 1977, for purposes of computing the tax for any calendar year." (B) Subsection (b) of section 2504 is amended— (i) by striking out "preceding calendar years and calendar quarters" and inserting in lieu thereof "preceding calendar periods", (ii) by striking out "the years and calendar quarters" and inserting in lieu thereof "the periods", (iii) by striking out "such years and calendar quarters" and inserting in lieu thereof "such preceding calendar periods", and (iv) by striking out "PRECEDING YEARS AND QUARTERS" in the subsection heading and inserting in lieu thereof "PRECEDING CALENDAR PERIODS".

(C) Subsection (c) of section 2504 is amended— (i) by striking out "preceding calendar year or calendar quarter" each place it appears and inserting in lieu thereof "preceding calendar period", (ii) by striking out "under this chapter for any calendar quarter" and inserting in lieu thereof "under this chapter for any calendar year", (iii) by striking out "section 2502(c)" and inserting in lieu thereof "section 2502(b)", and (iv) by striking out "PRECEDING CALENDAR YEARS AND QUARTERS" in the subsection heading and inserting in lieu thereof "PRECEDING CALENDAR PERIODS".

(D) The section heading for section 2504 is amended by striking out "PRECEDING YEARS AND QUARTERS" and inserting in lieu thereof "PRECEDING CALENDAR PERIODS". (E) The table of sections for subchapter A of chapter 12 is amended by striking out "preceding years and quarters" in the item relating to section 2504 and inserting in lieu thereof "preceding calendar periods". (5) SECTION 2505.— 26 USC 2505. (A) Subsection (a) of section 2505 is amended— (i) by striking out "each calendar quarter" and inserting in lieu thereof "each calendar year", and (ii) by striking out "preceding calendar quarters" and inserting in lieu thereof "preceding calendar periods".

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