Page:United States Statutes at Large Volume 98 Part 1.djvu/1080

 98 STAT. 1032

PUBLIC LAW 98-369—JULY 18, 1984

penses, indebtedness, and taxes) is amended by adding at the end thereof the following new subparagraph: "(C) CERTAIN CLAIMS BY REMAINDERMEN.—No deduction

26 USC 2053 note. 95 Stat. 301.

26 USC 2001 et ««9-

shall be allowed under this section for a claim against the estate by a remainderman relating to any property described in section 2044." (c) EFFECTIVE DATE.—The amendments made by this section shall take effect as if included in the amendment made by section 403 of the Economic Recovery Tax Act of 1981. SEC. 1028. CREDIT AGAINST ESTATE TAX FOR TRANSFERS TO TOIYABE NATIONAL FOREST. (a) CREDIT ALLOWED.—Subject to the provisions of this section, and notwithstanding any period of limitation or lapse of time, the Secretary of the Treasury or his delegate shall allow credit against the tax imposed by chapter 11 of the Internal Revenue Code of 1954 (relating to the imposition of estate tax)— (1) upon the estate of Nell J. Redfield for the conveyance by the estate of the United States of real property included in the gross estate and located within and adjacent to the boundaries of the Toiyabe National Forest; and (2) upon the estate of Elizabeth Schultz Rabe for the conveyance by the estate to the United States of real property included in the gross estate and known as Parcel No. 4 containing 97.60 acres, more or less, located in the County of Douglas, State of Nevada, and described as follows: The NEy4 of the SWy4, the NWy4 of the SEy4, and a portion of the SEy4 of the NWy4 of Section 23, Township 13 North, Range 18 East, M.D.B.&M., more particularly described as follows: All that portion of the SEy4 of the NWy4 excepting therefrom the following: Beginning at a United States Forest Service Brass Cap, being the C-N yie corner of Section 23; thence South 0°45'24" West 500.00 feet to an iron pipe; thence South 44°50'02" West 945.42 feet to an iron pipe; thence North 89°46'12" West 301.78 feet to a point; thence tangent North 20°28'20" East on the arc of a circular curve to the left with a radius of 800 feet through a central angle of 40°44'50" an arc distance of 568.94 feet to a point; thence North 20°02'42" West 683.17 feet to a point; thence South 88°35'38" East 1206.29 feet to the Point of Beginning, containing 22.40 acres, more or less. (b) AMOUNT OF CREDIT.—The amount allowed as a credit under subsection (a) shall be equal to the lesser of— (1) the fair market value of the real property transferred by each estate as of the valuation date used for purposes of the tax imposed by chapter 11 of such Code, or (2) the Federal estate tax liability (and interest thereon) of each estate. (c) LIMITATIONS.—

(1) The provisions of this section shall apply only if the executor of each estate executes a deed (in accordance with the laws of the State in which such real property is situated) transferring title to the United States before the date which is 90 days after the date of the enactment of this Act, but only if such title is satisfactory to the Attorney General or his delegate.

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