PUBLIC LAW 97-34—AUG. 13, 1981
95 STAT. 299
SEC. 339. EFFECTIVE DATE.
26 USC 401
Except as otherwise provided, the amendments made by this subtitle shall apply to taxable years beginning after December 31, 1981.
TITLE IV—ESTATE AND GIFT TAX PROVISIONS Subtitle A—Increase in Unified Credit; Rate Reduction; Unlimited Marital Deduction SEC. 401. INCREASE IN UNIFIED CREDIT. (a) CREDIT AGAINST ESTATE TAX.—
(1) IN GENERAL.—Subsection (a) of section 2010 (relating to 26 USC 2010. unified credit against estate tax) is amended by striking out "$47,000" and inserting in lieu thereof "$192,800". (2) CONFORMING AMENDMENTS.—
(A) Subsection (b) of section 2010 is amended to read as follows: "(b) PHASE-IN OF CREDIT.— "In the case of decedents dying in: 1982 1983 1984 1985 1986
Subsection (a) shall be applied by substituting for '$192,800' the following amount: $62,800 79,300 96,300 121,800 155,800."
(B) Subsection (a) of section 6018 (relating to estate tax 26 USC 6OI8. returns by executors) is amended— (i) by striking out "$175,000" in paragraph (1) and inserting in lieu thereof "$600,000"; and (ii) by striking out paragraph (3) and inserting in lieu thereof the following: "(3) PHASE-IN OP FIUNG REQUIREMENT AMOUNT.— Paragraph (1) shall be applied by "In the case of decedents substituting for '$600,000' the dying in: following amount: 1982...:. $225,000 1983 275,000 1984 325,000 1985 400,000 1986 500,000." Ob) CREDIT AGAINST GIFT TAX.—
(1) IN GENERAL.—Paragraph (1) of section 2505(a) (relating to 26 USC 2505. unified credit against gift tax) is amended by striking out "$47,000" and inserting in lieu thereof "$192,800". (2) CONFORMING AMENDMENT.—Subsection (b) of section 2505 is amended to read as follows:
"(b) PHASE-IN OF CREDIT.— '*In the case of gifts made in: 1982 1983 1984 1985 1986
Subsection (a)(1) shall be applied by substituting for '$192,800' the following amount: $62,800 79,300 96,300 121,800 155,800."
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