95 STAT. 300 26 USC 2010 note 26 USC 2505
PUBLIC LAW 97-34—AUG. 13, 1981 (c) EFFECTIVE DATES.—The amendments made— (1) by subsection (a) shall apply to the estates of decedents dying after December 31, 1981, and (2) by subsection (b) shall apply to gifts made after such date.
note.
26 USC 2001.
SEC. 402. REDUCTION IN MAXIMUM RATES OP TAX. (a) 50 PERCENT MAXIMUM RATE.—Subsection (c) of section 2001
(relating to rate schedule) is amended by striking out the item beginning "Over $2,500,000" and all that follows and inserting in lieu thereof the following new item: "Over $2,500,000
$1,025,800, plus 50% of the excess over $2,500,000." (b) PHASE-IN OF 50 PERCENT MAXIMUM RATE.—Subsection (c) of
section 2001 is amended— (1) by striking out "(c) RATE SCHEDULE.—" and inserting in lieu thereof the following: "(c) RATE SCHEDULE.— "(1) IN GENERAL.—", and
(2) by adding at the end thereof the following new paragraph: "(2) PHASE-IN OF 50 PERCENT MAXIMUM RATE.—
"(A) IN GENERAL.—In the case of decedents dying, and gifts made, before 1985, there shall be substituted for the last item in the schedule contained in paragraph (1) the items determined under this paragraph. "(B) FOR 1982.—In the case of decedents dying, and gifts made, in 1982, the substitution under this paragraph shall be as follows:
"Over $2,500,000 but not over $3,000,000. Over $3,000,000 but not over $3,500,000... Over $3,500,000 but not over $4,000,000... Over $4,000,000
$1,025,800, plus 53% of the excess over $2,500,000. $1,290,800, plus 57% of the excess over $3,000,000. $1,575,800, plus 61% of the excess over $3,500,000. $1,880,800, plus 65% of the excess over $4,000,000.
"(C) FOR 1983.—In the case of decedents dying, and gifts made, in 1983, the substitution under this paragraph shall be as follows: "Over $2,500,000 but not over $3,000,000. Over $3,000,000 but not over $3,500,000... Over $3,500,000
$1,025,800, plus 53% of the excess over $2,500,000. $1,290,800, plus 57% of the excess over $3,000,000. $1,575,800, plus 60% of the excess over $3,500,000.
"(D) FOR 1984.—In the case of decedents dying, and gifts made, in 1984, the substitution under this paragraph shall be as follows: "Over $2,500,000 but not over $3,000,000.
$1,025,800, plus 53% of the excess over $2,500,000. Over $3,000,000 $1,290,800, plus 55% of the excess over $3,000,000." (c) ADJUSTMENT IN COMPUTATION OF TAX FOR GIFTS MADE AFTER DECEMBER 31, 1976.—Paragraph (2) of section 2001(b) is amended to
read as follows: "(2) the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after December 31, 1976, if the rate schedule set forth in subsection (c) (as in effect at the decedent's death) had been applicable at the time of such gifts."
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