PUBLIC LAW 97-34—AUG. 13, 1981
95 STAT. 319
(c) EFFECTIVE DATE.—The amendments made by this section shall 26 USC 2057 apply to estates of decedents dying after December 31, 1981. "°^® SEC. 428. POSTPONEMENT OF GENERATION-SKIPPING TAX EFFECTIVE DATE. Section 2006(c) of the Tax Reform Act of 1976 (relating to the effective dates of generation-skipping provisions), as amended by section 702(n)(l) of the Revenue Act of 1978 is amended by striking 26 USC 2601 out "January 1, 1982" in paragraph (2)(B) of such section and ^°^^inserting in lieu thereof "January 1, 1983". SEC. 429. CREDIT AGAINST ESTATE TAX FOR TRANSFER TO SMITHSONIAN. Upon transfer to the Smithsonian Institution, within thirty days following the date of the enactment of this Act, of all right, title, and interests held by the Dorothy Meserve Kunhardt trust and the estate of Dorothy Meserve Kunhardt in the collection of approximately seven thousand two hundred and fifty Mathew Brady glass plate negatives and the Alexander Gardner imperial portrait print of Abraham Lincoln, there shall be allowed as a credit, effective as of the date upon which the return was due to be filed, against the tax imposed by section 2001 (relating to the imposition of estate tax) on such estate an amount equal to the lesser of— (1) such tax, (2) the fair market value of such negatives and such print, or (3) $700,000.
Subtitle C—Other Gift Tax Provisions SEC. 441. INCREASE IN ANNUAL GIFT TAX EXCLUSION; UNLIMITED EXCLUSION FOR CERTAIN TRANSFERS. (a) INCREASE IN ANNUAL EXCLUSION.—Subsection (b) of section 2503 26 USC 2503. (relating to annual gift tax exclusion) is amended by striking out "$3,000^ and inserting in lieu thereof "$10,000". (b) UNUMITED EXCLUSION FOR CERTAIN TRANSFERS.—Section 2503 (defining taxable gifts) is amended by adding at the end thereof the following new subsection: "(e) EXCLUSION FOR CERTAIN EXPENSES OR MEDICAL EXPENSES.—
TRANSFERS
FOR EDUCATIONAL
"(1) IN GENERAL.—Any qualified transfer shall not be treated as a transfer of property by gift for purposes of this chapter. "(2) QuAUFiED TRANSFER.—For purposes of this subsection, the term 'qualified transfer' means any amount paid on behalf of an individual— "(A) as tuition to an educational organization described in section 170(b)(l)(A)(ii) for the education or training of such individual, or "(B) to any person who provides medical care (as defined in section 213(e)) with respect to such individual as payment for such medical care." (c) EFFECTIVE DATES.— 26 USC 2503 (1) IN GENERAL.—Except as provided in paragraph (2), the ^°^amendments made by this section shall apply to transfers after December 31, 1981. (2) TRANSITIONAL RULE.—If—
(A) an instrument executed before the date which is 30 days after the date of the enactment of this Act provides for a
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