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26 U.S.C. § 2043 — Transfers for insufficient consideration
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** If any one of the transfers, trusts, interests, rights, or powers enumerated and described in sections 2035 to 2038, inclusive, and section 2041 is made, created, exercised, or relinquished for a consideration in money or money’s worth, but is not a bona fide sale for an adequate and full consideration in money or money’s worth, there shall be included in the gross estate only the excess of the fair market value at the time of death of the property otherwise to be included on account of such transaction, over the value of the consideration received therefor by the decedent.
**(b) Marital rights not treated as consideration**
(1) **In general** — For purposes of this chapter, a relinquishment or promised relinquishment of dower or curtesy, or of a statutory estate created in lieu of dower or curtesy, or of other marital rights in the decedent’s property or estate, shall not be considered to any extent a consideration “in money or money’s worth”.
(2) **Exception** — For purposes of section 2053 (relating to expenses, indebtedness, and taxes), a transfer of property which satisfies the requirements of paragraph (1) of section 2516 (relating to certain property settlements) shall be considered to be made for an adequate and full consideration in money or money’s worth.
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Source file: Laws/federal/codes/united-states-code/title-26/section-2043-transfers-for-insufficient-consideration--74c7a474a5.md
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Source location: Title 26, Chapter 11, § 2043; chapter-011-estate-tax.md
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**(a) In general** If any one of the transfers, trusts, interests, rights, or powers enumerated and described in sections 2035 to 2038, inclusive, and section 2041 is made, created, exercised, or relinquished for a consideration in money or money’s worth, but is not a bona fide sale for an adequate and full consideration in money or money’s worth, there shall be included in the gross estate only the excess of the fair market value at the time of death of the property otherwise to be included on account of such transaction, over the value of the consideration received therefor by the decedent.
**(b) Marital rights not treated as consideration**
(1) **In general** — For purposes of this chapter, a relinquishment or promised relinquishment of dower or curtesy, or of a statutory estate created in lieu of dower or curtesy, or of other marital rights in the decedent’s property or estate, shall not be considered to any extent a consideration “in money or money’s worth”.
(2) **Exception** — For purposes of section 2053 (relating to expenses, indebtedness, and taxes), a transfer of property which satisfies the requirements of paragraph (1) of section 2516 (relating to certain property settlements) shall be considered to be made for an adequate and full consideration in money or money’s worth.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate such amounts—
(1) for funeral expenses,
(2) for administration expenses,
(3) for claims against the estate, and
(4) for unpaid mortgages on, or any indebtedness in respect of, property where the value of the decedent’s interest therein, undiminished by such mortgage or indebtedness, is included in the value of the gross estate,
as are allowable by the laws of the jurisdiction, whether within or without the United States, under which the estate is being administered.
**(b) Other administration expenses** Subject to the limitations in paragraph (1) of subsection (c), there shall be deducted in determining the taxable estate amounts representing expenses incurred in administering property not subject to claims which is included in the gross estate to the same extent such amounts would be allowable as a deduction under subsection (a) if such property were subject to claims, and such amounts are paid before the expiration of the period of limitation for assessment provided in section 6501.
**(c) Limitations**
(1) **Limitations applicable to subsections (a) and (b)**
(A) *Consideration for claims* — The deduction allowed by this section in the case of claims against the estate, unpaid mortgages, or any indebtedness shall, when founded on a promise or agreement, be limited to the extent that they were contracted bona fide and for an adequate and full consideration in money or money’s worth; except that in any case in which any such claim is founded on a promise or agreement of the decedent to make a contribution or gift to or for the use of any donee described in section 2055 for the purposes specifi
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2053
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Federal law — U.S. Code and appendices · legal_authorities
Page 2597
TITLE 26—INTERNAL REVENUE CODE
§ 2044
Pub. L. 94–455, title XX, § 2009(b)(4)(A), Oct. 4,
1976, 90 Stat. 1894.)
Editorial Notes
AMENDMENTS
1976—Subsec. (a)(2). Pub. L. 94–455 struck out provi-
sion that a disclaimer or renunciation of a power of ap-
pointment not be deemed a release of that power.
1962—Subsec. (a). Pub. L. 87–834 struck out provisions
which excepted real property situated outside of the
United States.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 1976 AMENDMENT
Amendment by Pub. L. 94–455 applicable to transfers
creating an interest in person disclaiming made after
Dec. 31, 1976, see section 2009(e)(2) of Pub. L. 94–455, set
out as a note under section 2518 of this title.
EFFECTIVE DATE OF 1962 AMENDMENT
Amendment by Pub. L. 87–834 applicable to estates of
decedents dying after Oct. 16, 1962, except as otherwise
provided, see section 18(b) of Pub. L. 87–834, set out as
a note under section 2031 of this title.
§ 2042. Proceeds of life insurance
The value of the gross estate shall include the
value of all property—
(1) Receivable by the executor
To the extent of the amount receivable by
the executor as insurance under policies on
the life of the decedent.
(2) Receivable by other beneficiaries
To the extent of the amount receivable by
all other beneficiaries as insurance under poli-
cies on the life of the decedent with respect to
which the decedent possessed at his death any
of the incidents of ownership, exercisable ei-
ther alone or in conjunction with any other
person. For purposes of the preceding sen-
tence, the term ‘‘incident of ownership’’ in-
cludes a reversionary interest (whether arising
by the express terms of the policy or other in-
strument or by operation of law) only if the
value of such
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2043
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