Internal Revenue Code:Sec. 2519. Dispositions of certain life estates

From TaxAlmanac

Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle B - Estate and Gift Taxes
       CHAPTER 12 - GIFT TAX
        Subchapter B - Transfers
      

Statute

    Sec. 2519. Dispositions of certain life estates
 
    (a) General rule
      For purposes of this chapter and chapter 11, any disposition of
    all or part of a qualifying income interest for life in any
    property to which this section applies shall be treated as a
    transfer of all interests in such property other than the
    qualifying income interest.
    (b) Property to which this subsection applies
      This section applies to any property if a deduction was allowed
    with respect to the transfer of such property to the donor -
        (1) under section 2056 by reason of subsection (b)(7) thereof,
      or
        (2) under section 2523 by reason of subsection (f) thereof.
    (c) Cross reference
          For right of recovery for gift tax in the case of property
        treated as transferred under this section, see section
        2207A(b).
 

Sources

    (Added Pub. L. 97-34, title IV, Sec. 403(d)(3)(B)(i), Aug. 13,
    1981, 95 Stat. 304; amended Pub. L. 97-448, title I, Sec.
    104(a)(3), (7), Jan. 12, 1983, 96 Stat. 2380, 2381.)
 

Miscellaneous

                                 AMENDMENTS
      1983 - Pub. L. 97-448, Sec. 104(a)(3)(B), amended directory
    language of Pub. L. 97-34, Sec. 403(d)(3)(B)(i), to clarify that
    this section be inserted at end of subchapter B of chapter 12,
    rather than at end of subchapter B of chapter 11, and did not
    involve any change in text.
      Subsec. (a). Pub. L. 97-448, Sec. 104(a)(3)(A), substituted ''For
    purposes of this chapter and chapter 11, any disposition'' for
    ''Any disposition'' and ''treated as a transfer of all interests in
    such property other than the qualifying income interest'' for
    ''treated as a transfer of such property''.
      Subsec. (c). Pub. L. 97-448, Sec. 104(a)(7), added subsec. (c).
                      EFFECTIVE DATE OF 1983 AMENDMENT
      Amendment by Pub. L. 97-448 effective, except as otherwise
    provided, as if it had been included in the provision of the
    Economic Recovery Tax Act of 1981, Pub. L. 97-34, to which such
    amendment relates, see section 109 of Pub. L. 97-448, set out as a
    note under section 1 of this title.
                               EFFECTIVE DATE
      Section applicable to gifts made after Dec. 31, 1981, see section
    403(e)(2) of Pub. L. 97-34, set out as an Effective Date of 1981
    Amendment note under section 2056 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in sections 2044, 2207A, 2523 of this
    title.