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26 U.S.C. § 2504 — Taxable gifts for preceding calendar periods

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26 U.S.C. § 2504 — Taxable gifts for preceding calendar periods

**(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 gift 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) Exclusions from gifts for preceding calendar periods** In the case of gifts made to any person by the donor during preceding calendar periods, the amount excluded, if any, by the provisions of gift tax laws applicable to the periods in which the gifts were made shall not, for purposes of subsection (a), be included in the total amount of the gifts made during such preceding calendar periods. **(c) Valuation of gifts** If the time has expired under section 6501 within which a tax may be assessed under this chapter 12 (or under corresponding provisions of prior laws) on— (1) the transfer of property by gift made during a preceding calendar period (as defined in section 2502(b)); or (2) an increase in taxable gifts required under section 2701(d), the value thereof shall, for purposes of computing the tax under this chapter, be the value as finally determined (within the meaning of section 2001(f)(2)) for purposes of this chapter. **(d) Net gifts** The term “net gifts” as used in the corresponding provisions of prior laws shall be read as “taxable gifts” for purposes of th

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Source location: Title 26, Chapter 12, § 2504; chapter-012-gift-tax.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2001 — Imposition and rate of tax

**(a) Imposition** A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States. **(b) Computation of tax** The tax imposed by this section shall be the amount equal to the excess (if any) of— (1) a tentative tax computed under subsection (c) on the sum of— (A) the amount of the taxable estate, and (B) the amount of the adjusted taxable gifts, over (2) the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after December 31, 1976, if the modifications described in subsection (g) had been applicable at the time of such gifts. For purposes of paragraph (1)(B), the term “adjusted taxable gifts” means the total amount of the taxable gifts (within the meaning of section 2503) made by the decedent after December 31, 1976, other than gifts which are includible in the gross estate of the decedent. **(c) Rate schedule** If the amount with respect to which the tentative tax to be computed is:The tentative tax is: Not over $10,00018 percent of such amount. Over $10,000 but not over $20,000$1,800, plus 20 percent of the excess of such amount over $10,000. Over $20,000 but not over $40,000$3,800, plus 22 percent of the excess of such amount over $20,000. Over $40,000 but not over $60,000$8,200 plus 24 percent of the excess of such amount over $40,000. Over $60,000 but not over $80,000$13,000, plus 26 percent of the excess of such amount over $60,000. Over $80,000 but not over $100,000$18,200, plus 28 percent of the excess of such amount over $80,000. Over $100,000 but not over $150,000$23,800, plus 30 percent of the excess of such amount over $100,000. Over $150,000 but not over $250,000$38,800, plus 32 percent of the excess of such amount ove

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26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2501 — Imposition of tax

**(a) Taxable transfers** (1) **General rule** — A tax, computed as provided in section 2502, is hereby imposed for each calendar year on the transfer of property by gift during such calendar year by any individual resident or nonresident. (2) **Transfers of intangible property** — Except as provided in paragraph (3), paragraph (1) shall not apply to the transfer of intangible property by a nonresident not a citizen of the United States. (3) **Exception** (A) *Certain individuals* — Paragraph (2) shall not apply in the case of a donor to whom section 877(b) applies for the taxable year which includes the date of the transfer. (B) *Credit for foreign gift taxes* — The tax imposed by this section solely by reason of this paragraph shall be credited with the amount of any gift tax actually paid to any foreign country in respect of any gift which is taxable under this section solely by reason of this paragraph. (4) **Transfers to political organizations** — Paragraph (1) shall not apply to the transfer of money or other property to a political organization (within the meaning of section 527(e)(1)) for the use of such organization. (5) **Transfers of certain stock** (A) *In general* — In the case of a transfer of stock in a foreign corporation described in subparagraph (B) by a donor to whom section 877(b) applies for the taxable year which includes the date of the transfer— (i) section 2511(a) shall be applied without regard to whether such stock is situated within the United States, and (ii) the value of such stock for purposes of this chapter shall be its U.S.-asset value determined under subparagraph (C). (B) *Foreign corporation described* — A foreign corporation is described in this subparagraph with respect to a donor if— (i) the donor

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26 U.S.C. § 2521 — Repealed. Pub. L. 94–455, title XX, § 2001(b)(3), Oct. 4, 1976, 90 Stat. 1849]

### Statutory Notes Section, act Aug. 16, 1954, ch. 736, 68A Stat. 410, allowed a deduction, in the case of a citizen or resident, an exemption of $30,000, less amounts claimed and allowed for calendar year 1932 and calendar years intervening between that year and year for which tax is being computed.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2502 — Rate of tax

**(a) Computation of tax** The tax imposed by section 2501 for each calendar year shall be an amount equal to the excess of— (1) a tentative tax, computed under section 2001(c), on the aggregate sum of the taxable gifts for such calendar year and for each of the preceding calendar periods, over (2) a tentative tax, computed under such section, on the aggregate sum of the taxable gifts for each of the preceding calendar periods. **(b) Preceding calendar period** Whenever used in this title in connection with the gift tax imposed by this chapter, the term “preceding calendar period” means— (1) calendar years 1932 and 1970 and all calendar years intervening between calendar year 1932 and calendar year 1970, (2) the first calendar quarter of calendar year 1971 and all calendar quarters intervening between such calendar quarter and the first calendar quarter of calendar year 1982, and (3) all calendar years after 1981 and before the calendar year for which the tax is being computed. For purposes of paragraph (1), the term “calendar year 1932” includes only that portion of such year after June 6, 1932. **(c) Tax to be paid by donor** The tax imposed by section 2501 shall be paid by the donor.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2504 — Taxable gifts for preceding calendar peri-

Page 2637 TITLE 26—INTERNAL REVENUE CODE § 2504 ‘‘(A) an instrument executed before the date which is 30 days after the date of the enactment of this Act [Aug. 13, 1981] provides for a power of appointment which may be exercised during any period after De- cember 31, 1981, ‘‘(B) such power of appointment is expressly defined in terms of, or by reference to, the amount of the gift tax exclusion under section 2503(b) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (or the corresponding provision of prior law), ‘‘(C) the instrument described in subparagraph (A) has not been amended on or after the date which is 30 days after the date of the enactment of this Act [Aug. 13, 1981], and ‘‘(D) the State has not enacted a statute applicable to such gift under which such power of appointment is to be construed as being defined in terms of, or by reference to, the amount of the exclusion under such section 2503(b) after its amendment by subsection (a), then the amendment made by subsection (a) shall not apply to such gift.’’ Amendment by section 442(a)(3) of Pub. L. 97–34 appli- cable with respect to gifts made after Dec. 31, 1981, see section 442(e) of Pub. L. 97–34, set out as a note under section 2501 of this title. EFFECTIVE DATE OF 1978 AMENDMENT Pub. L. 95–600, title VII, § 702(j)(3)(B), Nov. 6, 1978, 92 Stat. 2932, provided that: ‘‘The amendment made by paragraph (2) [amending this section] shall apply to transfers made after December 31, 1976.’’ EFFECTIVE DATE OF 1970 AMENDMENT Amendment by Pub. L. 91–614 applicable with respect to gifts made after Dec. 31, 1970, see section 102(e) of Pub. L. 91–614, set out as a note under section 2501 of this title. PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989 For provisions directing tha

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