109 HR 5884 IH: To amend the Internal Revenue Code of 1986 to authorize U.S. House of Representatives 2006-07-25 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 109th CONGRESS 2d Session H. R. 5884 IN THE HOUSE OF REPRESENTATIVES July 25, 2006 Mr. Ramstad 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 authorize the Secretary of the Treasury to extend the date for making a gift tax qualified terminable interest property election.

1.

Authority to extend period for making qtip election under the gift tax

(a)

In general

Paragraph (4) of section 2523(f) of the Internal Revenue Code of 1986 (relating to qualified terminable interest property election) is amended by adding at the end the following new subparagraph: (C)

Authority to extend period for making election

(i)

In general

The Secretary shall by regulation prescribe such circumstances and procedures under which extensions of time will be granted to make an election under this subsection. Such regulations shall include procedures for requesting comparable relief with respect to transfers made before the date of the enactment of this subparagraph. (ii)

Basis for determinations

In determining whether to grant relief under this subparagraph, the Secretary shall take into account all relevant circumstances, including evidence of intent contained in the trust instrument or instrument of transfer and such other factors as the Secretary deems relevant. For purposes of determining whether to grant relief under this subparagraph, the time for making the election shall be treated as if not expressly prescribed by statute. . (b)

Effective date

Section 2523(f)(4)(C) of the Internal Revenue Code of 1986 (as added by subsection (a)) shall apply to requests pending on, or filed after, the date of the enactment of this Act.