A prior section 2057, added Pub. L. 99–514, title XI, § 1172(a), Oct. 22, 1986, 100 Stat. 2513; amended Pub. L. 100–203, title X, §§ 10411(a), 10412 (a), Dec. 22, 1987, 101 Stat. 1330–432, 1330–433; Pub. L. 100–647, title I, § 1011B(g)(3), Nov. 10, 1988, 102 Stat. 3490, related to sales of employer securities to employee stock ownership plans or worker-owned cooperatives, prior to repeal by Pub. L. 101–239, title VII, § 7304(a)(1), (3), Dec. 19, 1989, 103 Stat. 2352, 2353, applicable to estates of decedents dying after Dec. 19, 1989.

Another prior section 2057, added Pub. L. 94–455, title XX, § 2007(a), Oct. 4, 1976, 90 Stat. 1890; amended Pub. L. 95–600, title VII, § 702(l)(1), (2), Nov. 6, 1978, 92 Stat. 2934, 2935, related to bequests, etc., to certain minor children, prior to repeal by Pub. L. 97–34, title IV, § 427(a), (c), Aug. 13, 1981, 95 Stat. 3181, applicable to estates of decedents dying after Dec. 31, 1981.

2004—Subsec. (d)(2)(B). Pub. L. 108–311 inserted “, determined without regard to subsections (b)(1), (b)(2), and (d)(1)(B) thereof” after “section 152”.

2001—Subsec. (j). Pub. L. 107–16, §§ 521(d), 901, temporarily added subsec. (j). See Effective and Termination Dates of 2001 Amendment note below.

1998—Pub. L. 105–206, § 6007(b)(1)(A), (B), renumbered section 2033A of this title as this section and substituted “interests” for “exclusion” in section catchline.

Subsec. (a). Pub. L. 105–206, § 6007(b)(1)(B), substituted “General rule” for “In general” in heading and amended text generally. Prior to amendment, text read as follows: “In the case of an estate of a decedent to which this section applies, the value of the gross estate shall not include the lesser of—

“(1) the adjusted value of the qualified family-owned business interests of the decedent otherwise includible in the estate, or

“(2) the excess of $1,300,000 over the applicable exclusion amount under section 2010 (c) with respect to such estate.”

Subsec. (b)(2)(A). Pub. L. 105–206, § 6007(b)(1)(C), struck out “(without regard to this section)” after “gross estate”.

Subsec. (b)(3). Pub. L. 105–206, § 6007(b)(2), reenacted heading without change and amended text generally. Prior to amendment, text read as follows: “The amount of the gifts of qualified family-owned business interests determined under this paragraph is the excess of—

“(A) the sum of—

“(i) the amount of such gifts from the decedent to members of the decedent’s family taken into account under subsection 2001(b)(1)(B), plus

“(ii) the amount of such gifts otherwise excluded under section 2503 (b),

“(B) the amount of such gifts from the decedent to members of the decedent’s family otherwise included in the gross estate.”

Subsec. (c). Pub. L. 105–206, § 6007(b)(1)(D), struck out “(determined without regard to this section)” after “the gross estate” in introductory provisions.

Subsec. (e)(1). Pub. L. 105–206, § 6007(b)(5)(A), inserted concluding provisions.

Subsec. (e)(2). Pub. L. 105–206, § 6007(b)(3)(C), inserted concluding provisions.

Subsec. (e)(2)(C). Pub. L. 105–206, § 6007(b)(3)(A), substituted “(as defined in section 543 (a) without regard to paragraph (2)(B) thereof) if such trade or business were a corporation” for “(as defined in section 543 (a))”.

Subsec. (e)(2)(D)(ii). Pub. L. 105–206, § 6007(b)(3)(B), substituted “personal holding company income (as defined in subparagraph (C)) or income described” for “income of which is described in section 543 (a) or”.

Subsec. (f)(2)(A)(i). Pub. L. 105–206, § 6007(b)(4)(A), struck out “(as determined under rules similar to the rules of section 2032A (c)(2)(B))” after “business interest”.

Subsec. (f)(2)(C). Pub. L. 105–206, § 6007(b)(4)(B), added subpar. (C).

Subsec. (f)(3). Pub. L. 105–206, § 6007(b)(5)(B), added par. (3).

Subsec. (g)(1). Pub. L. 105–206, § 6007(b)(6), struck out “or (M)” after “subparagraph (F)”.

Subsec. (i)(3)(L) to (P). Pub. L. 105–206, § 6007(b)(7), added subpars. (L) and (M) and redesignated former subpars. (L) to (N) as (N) to (P), respectively.

Amendment by Pub. L. 108–311 applicable to taxable years beginning after Dec. 31, 2004, see section 208 of Pub. L. 108–311, set out as a note under section 2 of this title.

Amendment by Pub. L. 107–16 applicable to estates of decedents dying, and generation-skipping transfers, after Dec. 31, 2003, see section 521(e)(3) of Pub. L. 107–16, set out as a note under section 2010 of this title.

Amendment by Pub. L. 107–16 inapplicable to estates of decedents dying, gifts made, or generation skipping transfers, after Dec. 31, 2010, and the Internal Revenue Code of 1986 to be applied and administered to such estates, gifts, and transfers as if such amendment had never been enacted, see section 901 of Pub. L. 107–16, set out as a note under section 1 of this title.

Amendment by Pub. L. 105–206 effective, except as otherwise provided, as if included in the provisions of the Taxpayer Relief Act of 1997, Pub. L. 105–34, to which such amendment relates, see section 6024 of Pub. L. 105–206, set out as a note under section 1 of this title.

Section 502(c) of Pub. L. 105–34 provided that: “The amendments made by this section [enacting this section] shall apply to estates of decedents dying after December 31, 1997.”