Page:United States Statutes at Large Volume 100 Part 3.djvu/908

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PUBLIC LAW 99-000—MMMM. DD, 1986

100 STAT. 2716

PUBLIC LAW 99-514—OCT. 22, 1986

"or" at the end of clause (iii), and by adding at the end thereof the following new clause: "(iv) the child of that individual (or such child's legal representative) to the extent necessary to comply with the provisions of section 10);"(c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1986.

Subtitle C—Gift and Estate Taxes SEC. 1421. INFORMATION NECESSARY FOR VALID SPECIAL USE VALUATION ELECTION.

(a) IN GENERAL.—In the case of any decedent dying before January 1, 1986, if the executor— (1) made an election under section 2032A of the Internal Revenue Code of 1954 on the return of tax imposed by section 2001 of such Code within the time prescribed for filing such return (including extensions thereof), and (2) provided substantially all the information with respect to such election required on such return of tax, such election shall be a valid election for purposes of section 2032A of such Code. (b) EXECUTOR MUST PROVIDE INFORMATION.—An election described

in subsection (a) shall not be valid if the Secretary of the Treasury or his delegate after the date of the enactment of this Act requests information from the executor with respect to such election and the executor does not provide such information within 90 days of receipt of such request. (c) EFFECTIVE DATE.—The provisions of this section shall not apply to the estate of any decedent if before the date of the enactment of this Act the statute of limitations has expired with respect to— (1) the return of tax imposed by section 2001 of the Internal Revenue Code of 1954, and (2) the period during which a claim for credit or refund may be timely filed. (d) SPECIAL RULE FOR CERTAIN ESTATE.—Notwithstanding subsec-

tion (a)(2), the provisions of this section shall apply to the estate of an individual who died on January 30, 1984, and with respect to which— (1) a Federal estate tax return was filed on October 30, 1984, electing current use valuation, and (2) the agreement required under section 2032A was filed on November 9, 1984. SEC. 1422. GIFT AND ESTATE TAX DEDUCTIONS FOR CERTAIN CONSERVATION EASEMENT DONATIONS.

(a) ESTATE TAX.—Section 2055 (relating to transfers for public, charitable, and religious uses) is amended— (1) by redesignating subsection (f) as subsection (g), and (2) by inserting after subsection (e) the following new subsection: "(f) SPECIAL RULE FOR IRREVOCABLE TRANSFERS OF EASEMENTS IN

REAL PROPERTY.—A deduction shall be allowed under subsection (a) in respect of any transfer of a qualified real property interest (as defined in section 170(h)(2)(C)) which meets the requirements of section 170(h) (without regard to paragraph (4)(A) thereof)."