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26 U.S.C. § 7477 — Declaratory judgments relating to value of certain gifts
Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation of remedy** In a case of an actual controversy involving a determination by the Secretary of the value of any gift shown on the return of tax imposed by chapter 12 or disclosed on such return or in any statement attached to such return, upon the filing of an appropriate pleading, the Tax Court may make a declaration of the value of such gift. Any such declaration shall have the force and effect of a decision of the Tax Court and shall be reviewable as such.
**(b) Limitations**
(1) **Petitioner** — A pleading may be filed under this section only by the donor.
(2) **Exhaustion of administrative remedies** — The court shall not issue a declaratory judgment or decree under this section in any proceeding unless it determines that the petitioner has exhausted all available administrative remedies within the Internal Revenue Service.
(3) **Time for bringing action** — If the Secretary sends by certified or registered mail notice of his determination as described in subsection (a) to the petitioner, no proceeding may be initiated under this section unless the pleading is filed before the 91st day after the date of such mailing.
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Stable record: federal_law:legal_authorities:record_usc_d35b1266410ddba438e8321c
Source file: Laws/federal/codes/united-states-code/title-26/section-7477-declaratory-judgments-relating-to-value-of-certain-gifts--ae4eb5add2.md
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Source location: Title 26, Chapter 76, § 7477; chapter-076-judicial-proceedings.md
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**(a) Creation of remedy** In a case of an actual controversy involving a determination by the Secretary of the value of any gift shown on the return of tax imposed by chapter 12 or disclosed on such return or in any statement attached to such return, upon the filing of an appropriate pleading, the Tax Court may make a declaration of the value of such gift. Any such declaration shall have the force and effect of a decision of the Tax Court and shall be reviewable as such.
**(b) Limitations**
(1) **Petitioner** — A pleading may be filed under this section only by the donor.
(2) **Exhaustion of administrative remedies** — The court shall not issue a declaratory judgment or decree under this section in any proceeding unless it determines that the petitioner has exhausted all available administrative remedies within the Internal Revenue Service.
(3) **Time for bringing action** — If the Secretary sends by certified or registered mail notice of his determination as described in subsection (a) to the petitioner, no proceeding may be initiated under this section unless the pleading is filed before the 91st day after the date of such mailing.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2001
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Transfers of property from the United States**
(1) **General rule** — If, in connection with any exchange described in section 332, 351, 354, 356, or 361, a United States person transfers property to a foreign corporation, such foreign corporation shall not, for purposes of determining the extent to which gain shall be recognized on such transfer, be considered to be a corporation.
(2) **Exception for certain stock or securities** — Except to the extent provided in regulations, paragraph (1) shall not apply to the transfer of stock or securities of a foreign corporation which is a party to the exchange or a party to the reorganization.
(3) **Special rule for transfer of partnership interests** — Except as provided in regulations prescribed by the Secretary, a transfer by a United States person of an interest in a partnership to a foreign corporation in an exchange described in paragraph (1) shall, for purposes of this subsection, be treated as a transfer to such corporation of such person’s pro rata share of the assets of the partnership.
(4) **Paragraph (2) not to apply to certain section 361 transactions** — Paragraph (2) shall not apply in the case of an exchange described in subsection (a) or (b) of section 361. Subject to such basis adjustments and such other conditions as shall be provided in regulations, the preceding sentence shall not apply if the transferor corporation is controlled (within the meaning of section 368(c)) by 5 or fewer domestic corporations. For purposes of the preceding sentence, all members of the same affiliated group (within the meaning of section 1504) shall be treated as 1 corporation.
(5) **Secretary may exempt certain transactions from application of this subsection** — Paragraph (1) shall not apply to the transfer of any pro
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 367
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Federal law — U.S. Code and appendices · legal_authorities
Page 3931
TITLE 26—INTERNAL REVENUE CODE
§ 7477
case of employees referred to in paragraph (1),
to any individual designated under regulations
prescribed by the Secretary as a representa-
tive of such employee), no proceeding may be
initiated under this section by any person un-
less the pleading is filed before the ninety-first
day after the day after such notice is mailed
to such person (or to his designated represent-
ative, in the case of an employee).
(c) Retirement plan
For purposes of this section, the term ‘‘retire-
ment plan’’ means—
(1) a pension, profit-sharing, or stock bonus
plan described in section 401(a) or a trust
which is part of such a plan, or
(2) an annuity plan described in section
403(a).
(d) Cross reference
For provisions concerning intervention by Pen-
sion Benefit Guaranty Corporation and Secretary of
Labor in actions brought under this section and
right of Pension Benefit Guaranty Corporation to
bring action, see section 3001(c) of subtitle A of title
III of the Employee Retirement Income Security Act
of 1974.
(Added Pub. L. 93–406, title II, § 1041(a), Sept. 2,
1974, 88 Stat. 949; amended Pub. L. 94–455, title X,
§ 1042(d)(2)(C), title XIII, § 1306(b)(3), title XIX,
§§ 1906(a)(48), (b)(13)(A), Oct. 4, 1976, 90 Stat. 1639,
1719,
1831,
1834;
Pub.
L.
95–600,
title
III,
§ 336(b)(2)(A), title VII, § 701(dd)(1), Nov. 6, 1978, 92
Stat. 2842, 2924; Pub. L. 98–369, div. A, title IV,
§ 491(d)(52), July 18, 1984, 98 Stat. 852; Pub. L.
99–514, title XVIII, § 1899A(59), Oct. 22, 1986, 100
Stat. 2962.)
Editorial Notes
REFERENCES IN TEXT
Section 3001(c) of subtitle A of title III of the Em-
ployee Retirement Income Security Act of 1974, re-
ferred to in subsec. (d), is classified to section 1201(c) of
Title 29, Labor.
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 7477
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