26 U.S.C. § 2011 — Untitled legal text

Page 2569 TITLE 26—INTERNAL REVENUE CODE § 2012 ‘‘(A) IN GENERAL.—For purposes of this subsection, the applicable exclusion amount is $5,000,000. ‘‘(B) INFLATION ADJUSTMENT.—In the case of any dece- dent dying in a calendar year after 2011, 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 sub- stituting ‘calendar year 2010’ for ‘calendar year 1992’ in subparagraph (B) thereof. If any amount as adjusted under the preceding sentence is not a multiple of $10,000, such amount shall be round- ed to the nearest multiple of $10,000.’’ 2001—Subsec. (c). Pub. L. 107–16, in table, substituted provision that in the case of estates of decedents dying during the years 2002 and 2003, the years 2004 and 2005, the years 2006, 2007, and 2008, and the year 2009, the ap- plicable exclusion amount is $1,000,000, $1,500,000, $2,000,000, and $3,500,000, respectively, for provision that in the case of decedents dying, and gifts made, during the year 1998, the year 1999, the years 2000 and 2001, the years 2002 and 2003, the year 2004, the year 2005, and the year 2006 or thereafter, the applicable exclusion amount is $625,000, $650,000, $675,000, $700,000, $850,000, $950,000, and $1,000,000, respectively. 1997—Subsec. (a). Pub. L. 105–34, § 501(a)(1)(A), sub- stituted ‘‘the applicable credit amount’’ for ‘‘$192,800’’. Subsecs. (c), (d). Pub. L. 105–34, § 501(a)(1)(B), added subsec. (c) and redesignated former subsec. (c) as (d). 1990—Subsecs. (b) to (d). Pub. L. 101–508 redesignated subsecs. (c) and (d) as (b) and (c), respectively, and struck out former subsec. (b) which provided for a phase-in of the unified credit against estate tax. 1981—Subsec. (a). Pub. L. 97–34, § 401(a)(1), substituted ‘‘$192,800’’ for ‘‘$47,000’’. Subsec. (b). Pub. L. 97–34, § 401(a)(2)(A), struck out ‘‘$47,000’’ before ‘‘credit’’ from heading and in text sub- stituted in subsec. (a) substitutions for ‘‘$192,800’’ amounts of ‘‘$62,800’’, ‘‘$79,300’’, ‘‘$96,300’’, ‘‘$121,800’’, and ‘‘$155,800’’ in the case of decedents dying in 1982, 1983, 1984, 1985, and 1986, respectively, for subsec. (a) substitutions for ‘‘$47,000’’ amounts of ‘‘$30,000’’, ‘‘$34,000’’, ‘‘$38,000’’, and ‘‘$42,500’’ in the case of dece- dents dying in 1977, 1978, 1979, and 1980, respectively. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2017 AMENDMENT Amendment by section 11002(d)(1)(CC) of Pub. L. 115–97 applicable to taxable years beginning after Dec. 31, 2017, see section 11002(e) of Pub. L. 115–97, set out as a note under section 1 of this title. Amendment by section 11061(a) of Pub. L. 115–97 ap- plicable to estates of decedents dying and gifts made after Dec. 31, 2017, see section 11061(c) of Pub. L. 115–97, set out as a note under section 2001 of this title. EFFECTIVE DATE OF 2013 AMENDMENT Amendment by Pub. L. 112–240 effective as if included in the amendments made by section 303 of the Tax Re- lief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Pub. L. 111–312, see section 101(c)(3)(B) of Pub. L. 112–240, set out as a note under section 2001 of this title. EFFECTIVE DATE OF 2010 AMENDMENT Amendment by section 302(a)(1) of Pub. L. 111–312 ap- plicable to estates of decedents dying, generation-skip- ping transfers, and gifts made, after Dec. 31, 2009, see section 302(f) of Pub. L. 111–312, set out as a note under section 2001 of this title. Pub. L. 111–312, title III, § 303(c), Dec. 17, 2010, 124 Stat. 3303, provided that: ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section [amending this section and sections 2505, 2631, and 6018 of this title] shall apply to estates of decedents dying and gifts made after December 31, 2010. ‘‘(2) CONFORMING AMENDMENT RELATING TO GENERA- TION-SKIPPING TRANSFERS.—The amendment made by subsection (b)(2) [amending section 2631 of this title] shall apply to generation-skipping transfers after De- cember 31, 2010.’’ EFFECTIVE DATE OF 2001 AMENDMENT Pub. L. 107–16, title V, § 521(e), June 7, 2001, 115 Stat. 72, provided that: ‘‘(1) IN GENERAL.—Except as provided in paragraphs (2) and (3), the amendments made by this section [amending this section and sections 2057, 2505, and 2631 of this title] shall apply to estates of decedents dying, and gifts made, after December 31, 2001. ‘‘(2) SUBSECTION (b)(2).—The amendments made by subsection (b)(2) [amending section 2505 of this title] shall apply to gifts made after December 31, 2009. ‘‘(3) SUBSECTIONS (c) AND (d).—The amendments made by subsections (c) and (d) [amending sections 2057 and 2631 of this title] shall apply to estates of decedents dying, and generation-skipping transfers, after Decem- ber 31, 2003.’’ EFFECTIVE DATE OF 1997 AMENDMENT Amendment by Pub. L. 105–34 applicable to estates of decedents dying, and gifts made, after Dec. 31, 1997, see section 501(f) of Pub. L. 105–34, set out as a note under section 2001 of this title. EFFECTIVE DATE OF 1981 AMENDMENT Pub. L. 97–34, title IV, § 401(c)(1), Aug. 13, 1981, 95 Stat. 300, provided that: ‘‘The amendments made by sub- section (a) [amending this section and section 6018 of this title] shall apply to the estates of decedents dying after December 31, 1981’’. SAVINGS PROVISION For provisions that nothing in amendment by Pub. L. 101–508 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Nov. 5, 1990, for purposes of determining liabil- ity for tax for periods ending after Nov. 5, 1990, see sec- tion 11821(b) of Pub. L. 101–508, set out as a note under section 45K of this title. [§ 2011. Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(95)(A)(i), Dec. 19, 2014, 128 Stat. 4051] Section, act Aug. 16, 1954, ch. 736, 68A Stat. 374; Feb. 20, 1956, ch. 63, § 3, 70 Stat. 24; Pub. L. 85–866, title I, §§ 65(a), 102(c)(1), Sept. 2, 1958, 72 Stat. 1657, 1674; Pub. L. 86–175, § 3, Aug. 21, 1959, 73 Stat. 397; Pub. L. 94–455, title XIX, §§ 1902(a)(12)(B), 1906(b)(13)(A), title XX, §§ 2001(c)(1)(A), 2004(f)(3), Oct. 4, 1976, 90 Stat. 1806, 1834, 1849, 1872; Pub. L. 97–34, title IV, § 422(e)(2), Aug. 13, 1981, 95 Stat. 316; Pub. L. 107–16, title V, §§ 531(a), 532(a), June 7, 2001, 115 Stat. 72, 73; Pub. L. 107–134, title I, § 103(b)(1), Jan. 23, 2002, 115 Stat. 2431, related to credit for State death taxes. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective Dec. 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113–295, set out as an Effective Date of 2014 Amendment note under sec- tion 1 of this title. § 2012. Credit for gift tax (a) In general If a tax on a gift has been paid under chapter 12 (sec. 2501 and following), or under cor- responding provisions of prior laws, and there- after on the death of the donor any amount in respect of such gift is required to be included in the value of the gross estate of the decedent for