(Aug. 16, 1954, ch. 736, 68A Stat. 381; Pub. L. 91–614, title I, § 101(a),Dec. 31, 1970, 84 Stat. 1836; Pub. L. 98–369, div. A, title X, §§ 1023(a),
(a),July 18, 1984, 98 Stat. 1030; Pub. L. 99–514, title XIV, § 1432(c)(1),Oct. 22, 1986, 100 Stat. 2730.)
1986—Subsec. (c)(2). Pub. L. 99–514
amended par. (2) generally. Prior to amendment, par. (2) read as follows: “the amount of the tax imposed by this chapter (reduced by credits allowable against such tax).”
1984—Subsec. (c). Pub. L. 98–369
, § 1023(a), added subsec. (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 98–369
, § 1024(a), substituted “Election” for “Time of election” in heading, designated existing text as par. (1), inserted heading “In general”, substituted “shall be made by the executor on the return of the tax imposed by this chapter” for “shall be exercised by the executor on his return if filed within the time prescribed by law or before the expiration of any extension of time granted pursuant to law for the filing of the return”, inserted sentence providing that an election, once made, is irrevocable, and added par. (2).
Pub. L. 98–369
, § 1023(a), redesignatedsubsec. (c) as (d).
1970—Pub. L. 91–614
substituted “6 months” for “1 year” in four places and substituted “6-month” for “1-year”.
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–514
applicable to generation-skipping transfers (within the meaning of section
of this title) made after Oct. 22, 1986, except as otherwise provided, see section 1433 ofPub. L. 99–514
, set out as an Effective Date note under section
of this title.
Effective Date of 1984 Amendment
Section 1023(b) ofPub. L. 98–369
provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to estates of decedents dying after the date of the enactment of this Act [July 18, 1984].”
Section 1024(b) ofPub. L. 98–369
, as amended by Pub. L. 99–514
, § 2,Oct. 22, 1986, 100 Stat. 2095
, provided that:
“(1) In general.—The amendment made by subsection (a) [amending this section] shall apply to estates of decedents dying after the date of the enactment of this Act [July 18, 1984].
“(2) Transitional rule.—In the case of an estate of a decedent dying before the date of the enactment of this Act [July 18, 1984] if—
“(A) a credit or refund of the tax imposed by chapter 11 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] is not prevented on the date of the enactment of this Act by the operation of any law or rule of law,
“(B) the election under section 2032 of the Internal Revenue Code of 1986 would have met the requirements of such section (as amended by this section and section
) had the decedent died after the date of enactment of this Act, and
“(C) a claim for credit or refund of such tax with respect to such estate is filed not later than the 90th day after the date of the enactment of this Act,
then such election shall be treated as a valid election under such section
2032. The statutory period for the assessment of any deficiency which is attributable to an election under this paragraph shall not expire before the close of the 2-year period beginning on the date of the enactment of this Act.”
Effective Date of 1970 Amendment
Section 101(j) ofPub. L. 91–614
provided that: “The amendments made by this section [enacting section
of this title, amending this section and sections
of this title, and enacting provisions set out as notes under this section and sections
of this title] (other than subsection (f)) [amending sections
of this title] shall apply with respect to decedents dying after December 31, 1970.”