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26 U.S.C. § 2037 — Transfers taking effect at death
Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time after September 7, 1916, made a transfer (except in case of a bona fide sale for an adequate and full consideration in money or money’s worth), by trust or otherwise, if—
(1) possession or enjoyment of the property can, through ownership of such interest, be obtained only by surviving the decedent, and
(2) the decedent has retained a reversionary interest in the property (but in the case of a transfer made before October 8, 1949, only if such reversionary interest arose by the express terms of the instrument of transfer), and the value of such reversionary interest immediately before the death of the decedent exceeds 5 percent of the value of such property.
**(b) Special rules** For purposes of this section, the term “reversionary interest” includes a possibility that property transferred by the decedent—
(1) may return to him or his estate, or
(2) may be subject to a power of disposition by him,
but such term does not include a possibility that the income alone from such property may return to him or become subject to a power of disposition by him. The value of a reversionary interest immediately before the death of the decedent shall be determined (without regard to the fact of the decedent’s death) by usual methods of valuation, including the use of tables of mortality and actuarial principles, under regulations prescribed by the Secretary. In determining the value of a possibility that property may be subject to a power of disposition by the decedent, such possibility shall be valued as if it were a possibility that such property may return to the decedent or his estate. Notwithstanding the forego
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Source file: Laws/federal/codes/united-states-code/title-26/section-2037-transfers-taking-effect-at-death--1750facbcb.md
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Source location: Title 26, Chapter 11, § 2037; chapter-011-estate-tax.md
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**(a) General rule** The value of the gross estate shall include the value of all property to the extent of any interest therein of which the decedent has at any time after September 7, 1916, made a transfer (except in case of a bona fide sale for an adequate and full consideration in money or money’s worth), by trust or otherwise, if—
(1) possession or enjoyment of the property can, through ownership of such interest, be obtained only by surviving the decedent, and
(2) the decedent has retained a reversionary interest in the property (but in the case of a transfer made before October 8, 1949, only if such reversionary interest arose by the express terms of the instrument of transfer), and the value of such reversionary interest immediately before the death of the decedent exceeds 5 percent of the value of such property.
**(b) Special rules** For purposes of this section, the term “reversionary interest” includes a possibility that property transferred by the decedent—
(1) may return to him or his estate, or
(2) may be subject to a power of disposition by him,
but such term does not include a possibility that the income alone from such property may return to him or become subject to a power of disposition by him. The value of a reversionary interest immediately before the death of the decedent shall be determined (without regard to the fact of the decedent’s death) by usual methods of valuation, including the use of tables of mortality and actuarial principles, under regulations prescribed by the Secretary. In determining the value of a possibility that property may be subject to a power of disposition by the decedent, such possibility shall be valued as if it were a possibility that such property may return to the decedent or his estate. Notwithstanding the foregoing, an interest so transferred shall not be included in the decedent’s gross estate under this section if possession or enjoyment of the property could have been obtained by any beneficiary during the decedent’s life through the exercise of a general power of appointment (as defined in section 2041) which in fact was exercisable immediately before the decedent’s death.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General** The value of the gross estate of the decedent shall be determined by including to the extent provided for in this part, the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated.
**(b) Valuation of unlisted stock and securities** In the case of stock and securities of a corporation the value of which, by reason of their not being listed on an exchange and by reason of the absence of sales thereof, cannot be determined with reference to bid and asked prices or with reference to sales prices, the value thereof shall be determined by taking into consideration, in addition to all other factors, the value of stock or securities of corporations engaged in the same or a similar line of business which are listed on an exchange.
**(c) Estate tax with respect to land subject to a qualified conservation easement**
(1) **In general** — If the executor makes the election described in paragraph (6), then, except as otherwise provided in this subsection, there shall be excluded from the gross estate the lesser of—
(A) the applicable percentage of the value of land subject to a qualified conservation easement, reduced by the amount of any deduction under section 2055(f) with respect to such land, or
(B) $500,000.
(2) **Applicable percentage** — For purposes of paragraph (1), the term “applicable percentage” means 40 percent reduced (but not below zero) by 2 percentage points for each percentage point (or fraction thereof) by which the value of the qualified conservation easement is less than 30 percent of the value of the land (determined without regard to the value of such easement and reduced by the value of any retained development right (as defined in paragraph (5))). The values taken into account under
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Federal law — U.S. Code and appendices · legal_authorities
Page 2591
TITLE 26—INTERNAL REVENUE CODE
§ 2038
§ 2037. Transfers taking effect at death
(a) General rule
The value of the gross estate shall include the
value of all property to the extent of any inter-
est therein of which the decedent has at any
time after September 7, 1916, made a transfer
(except in case of a bona fide sale for an ade-
quate and full consideration in money or mon-
ey’s worth), by trust or otherwise, if—
(1) possession or enjoyment of the property
can, through ownership of such interest, be ob-
tained only by surviving the decedent, and
(2) the decedent has retained a reversionary
interest in the property (but in the case of a
transfer made before October 8, 1949, only if
such reversionary interest arose by the ex-
press terms of the instrument of transfer), and
the value of such reversionary interest imme-
diately before the death of the decedent ex-
ceeds 5 percent of the value of such property.
(b) Special rules
For purposes of this section, the term ‘‘rever-
sionary interest’’ includes a possibility that
property transferred by the decedent—
(1) may return to him or his estate, or
(2) may be subject to a power of disposition
by him,
but such term does not include a possibility that
the income alone from such property may re-
turn to him or become subject to a power of dis-
position by him. The value of a reversionary in-
terest immediately before the death of the dece-
dent shall be determined (without regard to the
fact of the decedent’s death) by usual methods
of valuation, including the use of tables of mor-
tality and actuarial principles, under regula-
tions prescribed by the Secretary. In deter-
mining the value of a possibility that property
may be subject to a power of disposition by the
decedent, such possibility sh
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2037
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