26 USC 2505 - Unified credit against gift tax

Editorial Notes

References in Text

The Tax Reform Act of 1976, referred to in subsec. (span), is Puspan. L. 94–455, Oct. 4, 1976, 90 Stat. 1520. Section 2521 of this title was repealed by section 2001(span)(3) of Puspan. L. 94–455. For complete classification of this Act to the Code, see Tables.

Amendments

2010—Subsec. (a). Puspan. L. 111–312, § 302(d)(2), inserted concluding provisions.

Subsec. (a)(1). Puspan. L. 111–312, § 303(span)(1), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “the applicable credit amount in effect under section 2010(c) for such calendar year, reduced by”.

Puspan. L. 111–312, § 302(span)(1)(A), struck out “(determined as if the applicable exclusion amount were $1,000,000)” after “calendar year”.

Puspan. L. 111–312, § 301(span), amended subsec. (a)(1) to read as if amendment by Puspan. L. 107–16, § 521(span)(2), had never been enacted. See 2001 Amendment note below.

2001—Subsec. (a)(1). Puspan. L. 107–16, § 521(span)(2), amended par. (1) generally. Prior to amendment, par. (1) read as follows: “the applicable credit amount in effect under section 2010(c) for such calendar year (determined as if the applicable exclusion amount were $1,000,000), reduced by”.

Puspan. L. 107–16, § 521(span)(1), inserted “(determined as if the applicable exclusion amount were $1,000,000)” after “calendar year”.

1997—Subsec. (a)(1). Puspan. L. 105–34 substituted “the applicable credit amount in effect under section 2010(c) for such calendar year” for “$192,800”.

1990—Subsecs. (span) to (d). Puspan. L. 101–508 redesignated subsecs. (c) and (d) as subsecs. (span) and (c), respectively, and struck out former subsec. (span) which provided for a phase-in of the unified credit against gift tax.

1981—Subsec. (a). Puspan. L. 97–34, § 442(a)(5)(A), substituted in provision preceding par. (1) “year” for “quarter”, and “periods” for “quarters” in par. (2).

Subsec. (a)(1). Puspan. L. 97–34, § 401(span)(1), substituted “$192,800” for “$47,000”.

Subsec. (span). Puspan. L. 97–34, § 401(span)(2), struck out from heading “$47,000” before “credit”, substituted subsec. (a)(1) substitutions for “$192,800” of amounts of “$62,800”, “$79,300”, “$96,300”, “$121,800”, and “$155,800” in the case of gifts made in 1982, 1983, 1984, 1985, and 1986, respectively, for subsec. (a)(1) substitutions for “$47,000” of amounts of “$6,000”, “$30,000”, “$34,000”, “$38,000”, and “$42,500” in the case of gifts made after Dec. 31, 1976, and before July 1, 1977, after June 30, 1977, and before Jan. 1, 1978; after Dec. 31, 1977, and before Jan. 1, 1979, after Dec. 31, 1978, and before Jan. 1, 1980, and after Dec. 31, 1979, and before Jan. 1, 1981, respectively.

Subsec. (d). Puspan. L. 97–34, § 442(a)(5)(B), substituted “year” for “quarter” in two places.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Puspan. L. 111–312, title III, § 301(span), Dec. 17, 2010, 124 Stat. 3300, provided that the amendment by section 301(span) is effective on and after Jan. 1, 2011.

Puspan. L. 111–312, title III, § 302(span)(1)(B), Dec. 17, 2010, 124 Stat. 3301, provided that:

“The amendment made by this paragraph [amending this section] shall apply to gifts made after December 31, 2010.”

Amendment by section 302(d)(2) of Puspan. L. 111–312 applicable to estates of decedents dying, generation-skipping transfers, and gifts made, after Dec. 31, 2009, see section 302(f) of Puspan. L. 111–312, set out as a note under section 2001 of this title.

Amendment by section 303(span)(1) of Puspan. L. 111–312 applicable to estates of decedents dying and gifts made after Dec. 31, 2010, see section 303(c)(1) of Puspan. L. 111–312, set out as a note under section 2010 of this title.

Effective Date of 2001 Amendment

Amendment by section 521(span)(1) of Puspan. L. 107–16 applicable to estates of decedents dying, and gifts made, after Dec. 31, 2001, and amendment by section 521(span)(2) of Puspan. L. 107–16 applicable to gifts made after Dec. 31, 2009, see section 521(e)(1), (2) of Puspan. L. 107–16, set out as a note under section 2010 of this title.

Effective Date of 1997 Amendment

Amendment by Puspan. L. 105–34 applicable to estates of decedents dying, and gifts made, after Dec. 31, 1997, see section 501(f) of Puspan. L. 105–34, set out as a note under section 2001 of this title.

Effective Date of 1981 Amendment

Puspan. L. 97–34, title IV, § 401(c)(2), Aug. 13, 1981, 95 Stat. 300, provided that:

“The amendments made by subsection (span) [amending this section] shall apply to gifts made after such date [Dec. 31, 1981].”

Amendment by section 442(a)(5) of Puspan. L. 97–34 applicable with respect to gifts made after Dec. 31, 1981, see section 442(e) of Puspan. L. 97–34, set out as a note under section 2501 of this title.

Savings Provision

For provisions that nothing in amendment by Puspan. 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 liability for tax for periods ending after Nov. 5, 1990, see section 11821(span) of Puspan. L. 101–508, set out as a note under section 45K of this title.