Page:United States Statutes at Large Volume 98 Part 1.djvu/1079

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 1031

"(3) MODIFICATION OF ELECTION AND AGREEMENT TO BE PERMIT-

TED.—The Secretary shall prescribe procedures which provide that in any case in which— "(A) the executor makes an election under paragraph (1) within the time prescribed for filing such election, and "(B) substantially complies with the regulations prescribed by the Secretary with respect to such election, but— ' ' "(i) the notice of election, as filed, does not contain all required information, or ^'* '-, J, "(ii) signatures of 1 or more persons required to enter into the agreement described in paragraph (2) are not included on the agreement as filed, or the agreement does not contain all required information, the executor will have a reasonable period of time (not exceed• ing 90 days) after notification of such failures to provide such ^ information or agreements." (b) EFFECTIVE DATE.— 26 USC 2032A (1) IN GENERAL.—The amendment made by this section shall note. apply to estates of decedents dying after December 31, 1976. (2) REFUND OR CREDIT OF OVERPAYMENT BARRED BY STATUTE OF

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LIMITATIONS.—Notwithstanding section 6511(a) of the Internal Revenue Code of 1954 or any other period of limitation or lapse of time, a claim for credit or refund of overpayment of the tax imposed by such Code which arises by reason of this section may be filed by any person at any time within the 1-year period beginning on the date of the enactment of this Act. Sections 6511(b) and 6514 of such Code shall not apply to any claim for credit or refund filed under this subsection within such 1-year period.

SEC. 1026. NO GAIN RECOGNIZED FROM NET GIFTS MADE BEFORE MARCH 4, 1981. (a) IN GENERAL.—In the case of any transfer of property subject to gift tax made before March 4, 1981, for purposes of subtitle A of the Internal Revenue Code of 1954, gross income of the donor shall not include any amount attributable to the donee's payment of (or agreement to pay) any gift tax imposed with respect to such gift. (b) GIFT TAX DEFINED.—For purposes of subsection (a), the term "gift tax" means— (1) the tax imposed by chapter 12 of such Code, and (2) any tax imposed by a State (or the District of Columbia) on transfers by gifts. (c) STATUTE OF LIMITATIONS.—If refund or credit of any overpayment of tax resulting from subsection (a) is prevented on the date of the enactment of this Act (or at any time within 1 year after such date) by the operation of any law or rule of law (including res judicata), refund or credit of such overpayment (to the extent attributable to subsection (a)) may nevertheless be made or allowed if claim therefor is filed within 1 year after the date of the enactment of this Act.

26 USC 61 note.

26 USC l.

26 USC 2501 et ^eo-.

SEC. 1027. MARITAL DEDUCTION FOR A USUFRUCT. (a) IN GENERAL.—Subclause (1) of section 2056(b)(7)(B)(ii) (relating 26 USC 2056. to qualifying income interest for life) is amended by inserting ", or has a usufruct interest for life in the property" after "intervals". (b) LIMITATION ON DEDUCTIONS FROM GROSS ESTATE.—Paragraph

(1) of section 2053(c) (relating to limitations on deductions for ex- 26 USC 2053.

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