< Back to H.R. 1751 (105th Congress, 1997–1998)

Text of To amend the Internal Revenue Code of 1986 to provide that gifts for which the statute of limitations has expired ...

...limitations has expired for gift tax purposes may not be revalued for purposes of determining the estate tax.

This bill was introduced on May 27, 1997, in a previous session of Congress, but was not enacted. The text of the bill below is as of May 27, 1997 (Introduced).

Source: GPO

HR 1751 IH

105th CONGRESS

1st Session

H. R. 1751

To amend the Internal Revenue Code of 1986 to provide that gifts for which the statute of limitations has expired for gift tax purposes may not be revalued for purposes of determining the estate tax.

IN THE HOUSE OF REPRESENTATIVES

May 27, 1997

Mr. HULSHOF introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to provide that gifts for which the statute of limitations has expired for gift tax purposes may not be revalued for purposes of determining the estate tax.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. GIFTS MAY NOT BE REVALUED FOR ESTATE TAX PURPOSES AFTER EXPIRATION OF STATUTE OF LIMITATIONS FOR GIFT TAX PURPOSES.

    (a) IN GENERAL- Section 2001 of the Internal Revenue Code of 1986 (relating to imposition and rate of estate tax) is amended by adding at the end the following new subsection:

    ‘(f) VALUATION OF GIFTS- If--

      ‘(1) the time has expired within which a tax may be assessed under chapter 12 (or under corresponding provisions of prior laws) on the transfer of property by gift made during a preceding calendar period (as defined in section 2502(b)), and

      ‘(2) the value of such gift is shown on the return for such preceding calendar period or is disclosed in such return, or in a statement attached to the return, in a manner adequate to apprise the Secretary of the nature of such gift,

    the value of such gift shall, for purposes of computing the tax under this chapter, be the value of such gift as finally determined for purposes of chapter 12.’

    (b) EFFECTIVE DATE- The amendment made by subsection (a) shall apply to estates of decedents dying after the date of the enactment of this Act.