Page:United States Statutes at Large Volume 92 Part 3.djvu/249

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PUBLIC LAW 95-000—MMMM. DD, 1978

PUBLIC LAW 95-600—NOV. 6, 1978

92 STAT. 21381

"(B) determine the amount of the overpayment, and "(C) apply, credit, or refund such overpayment in a manner similar to the manner provided in subsection (b). "(3) CONSOLIDATED RETURNS.—The provisions of subsection (c) shall apply to an adjustment under this subsection to the same extent and manner as the Secretary may by regulations provide.". (b) TECHNICAL AND CONFORMING AMENDMENTS.—

(1)(A) The heading for section 6411 is amended by inserting "AND REFUND" after "CARRYBACK". (B) The table of sections for subchapter B of chapter 65 is amended by inserting "and refund" after "carryback" in the item relating to section 6411. (2) Paragraph (3) of section 6213(b) (relating to assessments arising out of tentative carryback adjustments) is amended— (A) by inserting "OR REFUND" after "CARRYBACK" in the heading; and (B) by inserting "or the amount described in section 1341(b)(1)" after "carryback". (3) Subsection (m) of section 6501 (relating to tentative carryback adjustment period) is amended by inserting "and refund" after "carryback" the first place it appears. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to tentative refund claims filed on and after the date of the enactment of this Act.

26 USC 6411.

26 USC 6213.

26 USC 6501. 26 USC 6411 "0^.

Subtitle B—Estate and Gift Tax Provisions SEC. 511. REDUCTION OF VALUE TAKEN INTO ACCOUNT FOR ESTATE TAX PURPOSES WHERE SPOUSE OF DECEDENT MATERIALLY PARTICIPATED IN FARM OF OTHER BUSINESS (a) IN GENERAL.—Section 2040 (relating to joint interests) is 26 USC 2040. amended by adding at the end thereof the following new subsection: "(c) VALUE WHERE SPOUSE OF DECEDENT MATERIALLY PARTICIPATED IN FARM OR OTHER BUSINESS.—

"(1) IN GENERAL.—Notwithstanding subsections (a), in the case of an eligible joint interest in section 2040(c) property, the value included in the gross estate with respect to such interest by reason of this section shall be— "(A) the value of such interest, reduced by "(B) the sum of— "(i) the section 2040(c) value of such interest, and "(ii) the adjusted consideration furnished by the decedent's spouse. "(2) LIMITATIONS.— "(A) AT LEAST 50 PERCENT OF VALUE TO BE INCLUDED.—

Paragraph (1) shall in no event result in the inclusion in the decedent's gross estate of less than 50 percent of the value of the eligible joint interest. "(B) AGGREGATE REDUCTION.—The aggregate decrease in the value of the decedent's gross estate resulting from the application of this subsection shall not exceed $500,000. "(3) ELIGIBLE JOINT INTEREST DEFINED.—For purposes of paragraph (1) the term 'eligible joint interest' means any interest in property held by the decedent and the decedent's spouse as joint tenants or as tenants by the entirety, but only if—