[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1751 Introduced in House (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.
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