For inflation adjustment of certain items in this section, see Revenue Procedures listed in a table under section 1 of this title.
The Social Security Act, referred to in subsec. (b)(4)(A)(i), is act Aug. 14, 1935, ch. 531, 49 Stat. 620. Title II of the Social Security Act is classified generally to subchapter II (§ 401 et seq.) of chapter 7 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see section 1305 of Title 42 and Tables.
2017—Subsec. (a)(3)(B). Pub. L. 115–97 substituted “for ‘calendar year 2016’ in subparagraph (A)(ii)” for “for ‘calendar year 1992’ in subparagraph (B)”.
2004—Subsec. (c)(7)(D). Pub. L. 108–311 substituted “section 152(f)(2)” for “section 151(c)(4)”.
1997—Subsec. (a)(3). Pub. L. 105–34, § 501(b), added par. (3).
Subsec. (b)(5)(A). Pub. L. 105–34, § 504(b), struck out at end “For purposes of subsection (c), such surviving spouse shall not be treated as failing to use such property in a qualified use solely because such spouse rents such property to a member of such spouse’s family on a net cash basis.”
Subsec. (c)(7)(E). Pub. L. 105–34, § 504(a), added subpar. (E).
Subsec. (c)(8). Pub. L. 105–34, § 508(c), added par. (8).
Subsec. (d)(3). Pub. L. 105–34, § 1313(a), amended heading and text of par. (3) generally. Prior to amendment, text read as follows: “The Secretary shall prescribe procedures which provide that in any case in which—
“(A) the executor makes an election under paragraph (1) within the time prescribed for filing such election, and
“(B) substantially complies with the regulations prescribed by the Secretary with respect to such election, but—
“(i) the notice of election, as filed, does not contain all required information, or
“(ii) signatures of 1 or more persons required to enter into the agreement described in paragraph (2) are not included on the agreement as filed, or the agreement does not contain all required information,
the executor will have a reasonable period of time (not exceeding 90 days) after notification of such failures to provide such information or agreements.”
1990—Subsec. (a)(2). Pub. L. 101–508 amended par. (2) generally, substituting present provisions for provisions which established graduated increase in applicable limit on aggregate reduction in fair market value from $600,000 in the case of decedents dying in 1981 to $750,000 in the case of decedents dying in 1983 or thereafter.
1988—Subsec. (b)(5)(A). Pub. L. 100–647 inserted at end “For purposes of subsection (c), such surviving spouse shall not be treated as failing to use such property in a qualified use solely because such spouse rents such property to a member of such spouse’s family on a net cash basis.”
1986—Subsec. (c)(7)(D). Pub. L. 99–514 substituted “section 151(c)(4)” for “section 151(e)(4)”.
1984—Subsec. (d)(3). Pub. L. 98–369 added par. (3).
1983—Subsec. (b)(5)(C). Pub. L. 97–448, § 104(b)(1), added subpar. (C).
Subsec. (i)(1)(B)(ii). Pub. L. 97–448, § 104(b)(2)(A), substituted “the qualified exchange property” for “the other property”.
Subsec. (i)(3). Pub. L. 97–448, § 104(b)(2)(B), substituted “subparagraph (A) or (B)” for “subparagraph (A), (B), or (C)”.
1981—Subsec. (a)(2). Pub. L. 97–34, § 421(a), substituted “Limit on aggregate reduction in fair market value” for “Limitation” in heading “shall not exceed the applicable limit set forth in the following table:” for “shall not exceed $500,000” in text, and inserted table.
Subsec. (b)(1). Pub. L. 97–34, § 421(b)(1), substituted “qualified use by the decedent or a member of the decedent’s family” for “qualified use” in provision preceding subpar. (A), and in subpars. (A)(i) and (C)(i).
Subsec. (b)(4), (5). Pub. L. 97–34, § 421(b)(2), added pars. (4) and (5).
Subsec. (c)(1). Pub. L. 97–34, § 421(c)(1)(A), substituted “10 years” for “15 years”.
Subsec. (c)(2)(E). Pub. L. 97–34, § 421(h)(2), added subpar. (E).
Subsec. (c)(3). Pub. L. 97–34, § 421(c)(1)(B)(i), redesignated par. (4) as (3) and struck out former par. (3), which provided for a phaseout of additional tax between the 10th and 15th years.
Subsec. (c)(4), (5). Pub. L. 97–34, § 421(c)(1)(B)(i), redesignated pars. (5) and (6) as (4) and (5), respectively. Former par. (4) redesignated (3).
Subsec. (c)(6). Pub. L. 97–34, § 421(c)(2)(B)(ii), in subpar. (B) substituted “more than 3 years” for “3 years or more”.
Pub. L. 97–34, § 421(c)(1)(B)(i), redesignated par. (7) as (6). Former par. (6) redesignated (5).
Subsec. (c)(7). Pub. L. 97–34, § 421(c)(1)(B)(i), (2)(A), added par. (7). Former par. (7) redesignated (6).
Subsec. (d)(1). Pub. L. 97–34, § 421(j)(3), substituted “The election under this section shall be made on the return of the tax imposed by section 2001. Such election shall be made in such manner as the Secretary shall by regulations prescribe. Such an election, once made, shall be irrevocable.” for “The election under this section shall be made not later than the time prescribed by section 6075(a) for filing the return of tax imposed by section 2001 (including extensions thereof), and shall be made in such manner as the Secretary shall by regulations prescribe.”
Subsec. (e)(2). Pub. L. 97–34, § 421(i), substituted provisions designated subpars. (A) through (D) for “such individual’s ancestor or lineal descendant, a lineal descendant of a grandparent of such individual, the spouse of such individual, or the spouse of any such descendant”.
Subsec. (e)(7). Pub. L. 97–34, § 421(f), added subpar. (B), redesignated former subpar. (B) as (C), and inserted “and that there is no comparable land from which the average net share rental may be determined” after “determined” in subpar. (C), without specifying whether the language was to be inserted in cl. (i) or (ii) of subpar. (C). In view of H. Rept. No. 97–201, 97th Cong.,
Subsec. (e)(9). Pub. L. 97–34, § 421(j)(2)(A), struck out from subpar. (B) “in satisfaction of the right of such person to a pecuniary bequest” after “from the estate” and in subpar. (C) substituted “(to the extent such property is includible in the gross estate of the decedent)” for “in satisfaction of a right (which such person has by reason of the death of the decedent) to receive from the trust a specific dollar amount which is the equivalent of a pecuniary bequest”.
Subsec. (e)(12). Pub. L. 97–34, § 421(c)(2)(B)(i), added par. (12).
Subsec. (e)(13), (14). Pub. L. 97–34, § 421(h)(1), (j)(4), added pars. (13) and (14).
Subsec. (f)(1). Pub. L. 97–34, § 421(e)(2), substituted “to which subsection (h)” for “to which an election under subsection (h)”.
Pub. L. 97–34, § 421(d)(2)(A), substituted “conversion or exchange”, “(h) or (i)”, and “replace or of the exchange of property” for “conversion”, “(h)”, and “replace”.
Subsec. (g). Pub. L. 97–34, § 421(j)(1), inserted provision that for purposes of the preceding sentence, an interest in a discretionary trust all the beneficiaries of which are qualified heirs shall be treated as a present interest.
Subsec. (h)(1)(A). Pub. L. 97–34, § 421(e)(1)(A), struck out “and the qualified heir makes an election under this subsection” after “qualified real property”.
Subsec. (h)(2)(A). Pub. L. 97–34, § 421(c)(1)(B)(ii), substituted “; except that” for “, except that” and “the 10-year period” for “the 15-year period”, deleted cl. (i) designation, and struck out cl. (ii), which provided the phaseout period under par. (3) of subsec. (c) be appropriately adjusted to take into account the extension referred to in cl. (i).
Subsec. (h)(2)(C). Pub. L. 97–34, § 421(c)(1)(B)(iii), substituted “(6)” for “(7)” in provisions preceding cl. (i).
Subsec. (h)(5). Pub. L. 97–34, § 421(e)(1)(B), struck out par. (5) which provided for making a subsec. (h) election at such time and in such manner as the Secretary may by regulations prescribe.
Subsec. (i). Pub. L. 97–34, § 421(d)(1), added subsec. (i).
1978—Subsec. (b)(1). Pub. L. 95–600, § 702(d)(1), inserted “which was acquired from or passed from the decedent to a qualified heir of the decedent and” after “located in the United States”.
Subsec. (c)(6). Pub. L. 95–600, § 702(d)(5)(A), inserted “unless the heir has furnished bond which meets the requirements of subsection (e)(11)” after “respect to his interest”.
Subsec. (e)(9). Pub. L. 95–600, § 702(d)(2), added par. (9).
Subsec. (e)(10). Pub. L. 95–600, § 702(d)(4), added par. (10).
Subsec. (e)(11). Pub. L. 95–600, § 702(d)(5)(B), added par. (11).
Subsec. (f)(1). Pub. L. 95–472, § 4(c), inserted provision relating to the expiration of the statutory period for the assessment of additional tax due under subsec. (c) in the case of an involuntary conversion to which an election under subsec. (h) is applicable.
Subsec. (h). Pub. L. 95–472, § 4(a), added subsec. (h).
Amendment by Pub. L. 115–97 applicable to taxable years beginning after
Amendment by Pub. L. 108–311 applicable to taxable years beginning after
Amendment by section 501(b) of Pub. L. 105–34 applicable to estates of decedents dying, and gifts made, after
Pub. L. 105–34, title V, § 504(c),
Amendment by section 508(c) of Pub. L. 105–34 applicable to easements granted after
Pub. L. 105–34, title XIII, § 1313(b),
Pub. L. 100–647, title VI, § 6151(b), “(1) The amendment made by subsection (a) [amending this section] shall apply with respect to rentals occurring after “(2) If on the date of the enactment of this Act [
Amendment by Pub. L. 99–514 applicable to taxable years beginning after
Pub. L. 98–369, div. A, title X, § 1025(b), “(1) The amendment made by this section [amending this section] shall apply to estates of decedents dying after “(2) Notwithstanding section 6511(a) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] or any other period of limitation or lapse of time, a claim for credit or refund of overpayment of the tax imposed by such Code which arises by reason of this section may be filed by any person at any time within the 1-year period beginning on the date of the enactment of this Act [
Amendment by Pub. L. 97–448 effective, except as otherwise provided, as if it had been included in the provision of the Economic Recovery Tax Act of 1981, Pub. L. 97–34, to which such amendment relates, see section 109 of Pub. L. 97–448, set out as a note under section 1 of this title.
Pub. L. 97–34, title IV, § 421(k), “(1) Except as otherwise provided in this subsection, the amendments made by this section [amending this section and sections 1016, 1040, and 6324B of this title] shall apply with respect to the estates of decedents dying after “(2) The amendment made by subsection (a) [amending this section] shall apply with respect to the estates of decedents dying after “(3) The amendments made by subsection (d) [amending this section and section 6324B of this title] shall apply with respect to exchanges after “(4) The amendments made by subsection (e) [amending this section] shall apply with respect to involuntary conversions after “(5) “(A) The amendments made by subsections (b)(1), (j)(1), and (j)(2) [amending this section and section 1040 of this title] and the provisions of subparagraph (A) of section 2032A(c)(7) of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] (as added by subsection (c)(2)) shall apply with respect to the estates of decedents dying after “(B) Subparagraph (A) shall only apply in the case of an estate if a timely election under section 2032A was made with respect to such estate. If the estate of any decedent would not qualify under section 2032A of the Internal Revenue Code of 1986 but for the amendments described in subparagraph (A) and the time for making an election under section 2032A with respect to such estate would (but for this sentence) expire after “(C) If any election under section 2032A was revoked before the date of the enactment of this Act [“(D) If on the date of the enactment of this Act [
Pub. L. 95–600, title VII, § 702(d)(6),
Amendment of section by Pub. L. 95–472 applicable with respect to involuntary conversions after
Pub. L. 94–455, title XX, § 2003(e),
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
Pub. L. 107–16, title V, § 581,
Pub. L. 99–514, title XIV, § 1421, “(a) In the case of any decedent dying before “(1) made an election under section 2032A of the Internal Revenue Code of 1954 [now 1986] on the return of tax imposed by section 2001 of such Code, and“(2) provided substantially all the information with respect to such election required on such return of tax,such election shall be a valid election for purposes of section 2032A of such Code.“(b) An election described in subsection (a) shall not be valid if the Secretary of the Treasury or his delegate after the date of the enactment of this Act [“(c) The provisions of this section shall not apply to the estate of any decedent if before the date of the enactment of this Act [“(1) the return of tax imposed by section 2001 of the Internal Revenue Code of 1954 [now 1986], and“(2) the period during which a claim for credit or refund may be timely filed.“(d) Notwithstanding subsection (a)(2), the provisions of this section shall apply to the estate of an individual who died on “(1) a Federal estate tax return was filed on “(2) the agreement required under section 2032A was filed on
Land diverted from production of agricultural commodities under a 1983 payment-in-kind program to be treated, for purposes of this section, as used during the 1983 crop year by qualified taxpayers in the active conduct of the trade or business of farming, with qualified taxpayers who materially participate in the diversion and devotion to conservation uses under a 1983 payment-in-kind program to be treated as materially participating in the operation of such land during the 1983 crop year, see section 3 of Pub. L. 98–4, set out as a note under section 61 of this title.