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26 U.S.C. § 2521 — Repealed.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]
Federal law — U.S. Code and appendices · legal_authorities
### 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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Source location: Title 26, Chapter 12, § 2521; chapter-012-gift-tax.md
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### 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
**(a) General rule** A credit of the applicable credit amount shall be allowed to the estate of every decedent against the tax imposed by section 2001.
**(b) Adjustment to credit for certain gifts made before 1977** The amount of the credit allowable under subsection (a) shall be reduced by an amount equal to 20 percent of the aggregate amount allowed as a specific exemption under section 2521 (as in effect before its repeal by the Tax Reform Act of 1976) with respect to gifts made by the decedent after September 8, 1976.
**(c) Applicable credit amount**
(1) **In general** — For purposes of this section, the applicable credit amount is the amount of the tentative tax which would be determined under section 2001(c) if the amount with respect to which such tentative tax is to be computed were equal to the applicable exclusion amount.
(2) **Applicable exclusion amount** — For purposes of this subsection, the applicable exclusion amount is the sum of—
(A) the basic exclusion amount, and
(B) in the case of a surviving spouse, the deceased spousal unused exclusion amount.
(3) **Basic exclusion amount**
(A) *In general* — For purposes of this subsection, the basic exclusion amount is $15,000,000.
(B) *Inflation adjustment* — In the case of any decedent dying in a calendar year after 2026, the dollar amount in subparagraph (A) shall be increased by an amount equal to—
(i) such dollar amount, multiplied by
(ii) the cost-of-living adjustment determined under section 1(f)(3) for such calendar year by substituting “calendar year 2025” for “calendar year 2016” in subparagraph (A)(ii) thereof.
If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be rounded to the nearest multiple of $10,000.
(4) **Decea
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2502
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2504
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** In the case of a citizen or resident of the United States, there shall be allowed as a credit against the tax imposed by section 2501 for each calendar year an amount equal to—
(1) the applicable credit amount in effect under section 2010(c) which would apply if the donor died as of the end of the calendar year, reduced by
(2) the sum of the amounts allowable as a credit to the individual under this section for all preceding calendar periods.
For purposes of applying paragraph (2) for any calendar year, the rates of tax in effect under section 2502(a)(2) for such calendar year shall, in lieu of the rates of tax in effect for preceding calendar periods, be used in determining the amounts allowable as a credit under this section for all preceding calendar periods.
**(b) Adjustment to credit for certain gifts made before 1977** The amount allowable under subsection (a) shall be reduced by an amount equal to 20 percent of the aggregate amount allowed as a specific exemption under section 2521 (as in effect before its repeal by the Tax Reform Act of 1976) with respect to gifts made by the individual after September 8, 1976.
**(c) Limitation based on amount of tax** The amount of the credit allowed under subsection (a) for any calendar year shall not exceed the amount of the tax imposed by section 2501 for such calendar year.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2505
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Returns by executor**
(1) **Citizens or residents** — In all cases where the gross estate at the death of a citizen or resident exceeds the basic exclusion amount in effect under section 2010(c) for the calendar year which includes the date of death, the executor shall make a return with respect to the estate tax imposed by subtitle B.
(2) **Nonresidents not citizens of the United States** — In the case of the estate of every nonresident not a citizen of the United States if that part of the gross estate which is situated in the United States exceeds $60,000, the executor shall make a return with respect to the estate tax imposed by subtitle B.
(3) **Adjustment for certain gifts** — The amount applicable under paragraph (1) and the amount set forth in paragraph (2) shall each be reduced (but not below zero) by the sum of—
(A) the amount of the adjusted taxable gifts (within the meaning of section 2001(b)) made by the decedent after December 31, 1976, plus
(B) the aggregate amount allowed as a specific exemption under section 2521 (as in effect before its repeal by the Tax Reform Act of 1976) with respect to gifts made by the decedent after September 8, 1976.
**(b) Returns by beneficiaries** If the executor is unable to make a complete return as to any part of the gross estate of the decedent, he shall include in his return a description of such part and the name of every person holding a legal or beneficial interest therein. Upon notice from the Secretary such person shall in like manner make a return as to such part of the gross estate.
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Federal law — U.S. Code and appendices · legal_authorities
Page 2644
TITLE 26—INTERNAL REVENUE CODE
[§ 2521
come interest for life in any property to which
this section applies shall be treated as a transfer
of all interests in such property other than the
qualifying income interest.
(b) Property to which this subsection applies
This section applies to any property if a de-
duction was allowed with respect to the transfer
of such property to the donor—
(1) under section 2056 by reason of subsection
(b)(7) thereof, or
(2) under section 2523 by reason of subsection
(f) thereof.
(c) Cross reference
For right of recovery for gift tax in the case of
property treated as transferred under this section,
see section 2207A(b).
(Added Pub. L. 97–34, title IV, § 403(d)(3)(B)(i),
Aug. 13, 1981, 95 Stat. 304; amended Pub. L.
97–448, title I, § 104(a)(3), (7), Jan. 12, 1983, 96 Stat.
2380, 2381.)
Editorial Notes
AMENDMENTS
1983—Pub. L. 97–448, § 104(a)(3)(B), amended directory
language of Pub. L. 97–34, § 403(d)(3)(B)(i), to clarify that
this section be inserted at end of subchapter B of chap-
ter 12, rather than at end of subchapter B of chapter 11,
and did not involve any change in text.
Subsec. (a). Pub. L. 97–448, § 104(a)(3)(A), substituted
‘‘For purposes of this chapter and chapter 11, any dis-
position’’ for ‘‘Any disposition’’ and ‘‘treated as a
transfer of all interests in such property other than the
qualifying income interest’’ for ‘‘treated as a transfer
of such property’’.
Subsec. (c). Pub. L. 97–448, § 104(a)(7), added subsec.
(c).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1983 AMENDMENT
Amendment by Pub. L. 97–448 effective, except as oth-
erwise provided, as if it had been included in the provi-
sion of the Economic Recovery Tax Act of 1981, Pub. L.
97–34, to which such amendmen
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2521
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