26 U.S.C. § 1564 — Untitled legal text

Page 2563 TITLE 26—INTERNAL REVENUE CODE § 2001 1 Section numbers editorially supplied. 1 Section numbers editorially supplied. Subsec. (c)(2)(A)(iv). Pub. L. 91–172, § 401(d)(1), added cl. (iv). Subsec. (c)(2)(B). Pub. L. 91–172, § 401(d)(2), substituted ‘‘5 or fewer persons who are individuals, estates, or trusts (referred to in this subparagraph as ‘common owners’) own’’ for ‘‘a person who is an individual, es- tate, or trust (referred to in this paragraph as ‘common owner’) owns’’ and in cl. (ii), substituted ‘‘any of such common owners’’, ‘‘any of the common owners’’ for ‘‘such common owner’’ and ‘‘the common owner’’, re- spectively and added cl. (iii). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2004 AMENDMENT Pub. L. 108–357, title VIII, § 900(c), Oct. 22, 2004, 118 Stat. 1650, provided that: ‘‘The amendments made by this section [amending this section] shall apply to tax- able years beginning after the date of the enactment of this Act [Oct. 22, 2004].’’ EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100–647, title I, § 1018(s)(3)(B), Nov. 10, 1988, 102 Stat. 3587, provided that: ‘‘The amendment made by subparagraph (A) [amending this section] shall apply to taxable years beginning after the date of the enactment of this Act [Nov. 10, 1988].’’ EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–514 applicable to taxable years beginning after Dec. 31, 1986, see section 1024(e) of Pub. L. 99–514, set out as a note under section 831 of this title. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–369 applicable to taxable years beginning after Dec. 31, 1983, see section 215 of Pub. L. 98–369, set out as an Effective Date note under section 801 of this title. EFFECTIVE DATE OF 1969 AMENDMENT Amendment by Pub. L. 91–172 applicable with respect to taxable years ending on or after Dec. 31, 1970, see section 401(h)(3) of Pub. L. 91–172, set out as a note under section 1561 of this title. EFFECTIVE DATE Section applicable with respect to taxable years end- ing after Dec. 31, 1963, see section 235(d) of Pub. L. 88–272, set out as an Effective Date of 1964 Amendment note under section 269 of this title. [§ 1564. Repealed. Pub. L. 101–508, title XI, § 11801(a)(38), Nov. 5, 1990, 104 Stat. 1388–521] Section, added Pub. L. 91–172, title IV, § 401(b)(1), Dec. 30, 1969, 83 Stat. 600; amended Pub. L. 94–455, title XIX, §§ 1901(b)(1)(J)(vi), (21)(A)(ii), 1906(b)(13)(A), Oct. 4, 1976, 90 Stat. 1791, 1797, 1834, related to transitional rules in the case of certain controlled corporations. Statutory Notes and Related Subsidiaries SAVINGS PROVISION For provisions that nothing in repeal 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. Subtitle B—Estate and Gift Taxes Chapter Sec.1 11. Estate tax .............................................. 2001 12. Gift tax .................................................. 2501 13. Tax on generation-skipping transfers ... 2601 14. Special valuation rules .......................... 2701 15. Gifts and bequests from expatriates ...... 2801 Editorial Notes AMENDMENTS 2008—Pub. L. 110–245, title III, § 301(b)(2), June 17, 2008, 122 Stat. 1646, added item for chapter 15. 1990—Pub. L. 101–508, title XI, § 11602(c), Nov. 5, 1990, 104 Stat. 1388–500, added item for chapter 14. 1986—Pub. L. 99–514, title XIV, § 1431(b), Oct. 22, 1986, 100 Stat. 2729, struck out ‘‘certain’’ after ‘‘Tax on’’ in item for chapter 13. 1976—Pub. L. 94–455, title XX, § 2006(b)(1), Oct. 4, 1976, 90 Stat. 1888, added item for chapter 13. CHAPTER 11—ESTATE TAX Subchapter Sec.1 A. Estates of citizens or residents ............. 2001 B. Estates of nonresidents not citizens ...... 2101 C. Miscellaneous ........................................ 2201 Subchapter A—Estates of Citizens or Residents Part I. Tax imposed. II. Credits against tax. III. Gross estate. IV. Taxable estate. PART I—TAX IMPOSED Sec. 2001. Imposition and rate of tax. 2002. Liability for payment. Editorial Notes AMENDMENTS 1976—Pub. L. 94–455, title XX, § 2001(c)(1)(N)(i), Oct. 4, 1976, 90 Stat. 1853, substituted ‘‘Imposition and rate of tax’’ for ‘‘Rate of tax’’ in item 2001. § 2001. Imposition and rate of tax (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 sub- section (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 re- spect to gifts made by the decedent after De- cember 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 ‘‘ad- justed 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.