If any one of the transfers, trusts, interests, rights, or powers enumerated and described in sections
2038, inclusive, and section
2041 is made, created, exercised, or relinquished for a consideration in money or money’s worth, but is not a bona fide sale for an adequate and full consideration in money or money’s worth, there shall be included in the gross estate only the excess of the fair market value at the time of death of the property otherwise to be included on account of such transaction, over the value of the consideration received therefor by the decedent.
(b) Marital rights not treated as consideration
(1) In general
For purposes of this chapter, a relinquishment or promised relinquishment of dower or curtesy, or of a statutory estate created in lieu of dower or curtesy, or of other marital rights in the decedent’s property or estate, shall not be considered to any extent a consideration “in money or money’s worth”.
For purposes of section
2053 (relating to expenses, indebtedness, and taxes), a transfer of property which satisfies the requirements of paragraph (1) of section
2516 (relating to certain property settlements) shall be considered to be made for an adequate and full consideration in money or money’s worth.
1984—Subsec. (b). Pub. L. 98–369amended subsec. (b) generally, designating existing provisions as par. (1) and adding par. (2).
Effective Date of 1984 Amendment
Pub. L. 98–369, div. A, title IV, § 425(c)(1),July 18, 1984, 98 Stat. 804, provided that: “The amendments made by subsection (a) [amending this section and section
2053 of this title] shall apply to estates of decedents dying after the date of the enactment of this Act [July 18, 1984].”
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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