98 STAT. 1030
26 USC 2032.
PUBLIC LAW 98-369—JULY 18, 1984
SEC. 1023. ALTERNATE VALUATION ELECTION AVAILABLE ONLY WHERE IT RESULTS IN REDUCTION OF GROSS ESTATE AND ESTATE TAX. (a) GENERAL RuLE.—Section 2032 (relating to alternate valuation) is amended by redesignating subsection (c) as subsection (d) and by inserting after subsection (b) the following new subsection: "(c) ELECTION MUST DECREASE GROSS ESTATE AND ESTATE TAX.—
26 USC 2032 note.
No election may be made under this section with respect to an estate unless such election will decrease— "(1) the value of the gross estate, and "(2) the amount of the tax imposed by this chapter (reduced by credits allowable against such tax)." (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall apply with respect to estates of decedents dying after the date of the enactment of this Act. SEC. 1024. ALTERNATE VALUATION ELECTION AVAILABLE ON CERTAIN LATE RETURNS. (a) GENERAL RULE.—Subsection (d) of section 2032 (relating to time of election), as amended by section 1023, is amended to read as follows: "(d) ELECTION.—
"(1) IN GENERAL.—The election provided for in this section shall be made by the executor on the return of the tax imposed by this chapter. Such election, once made, shall be irrevocable. "(2) EXCEPTION.—No election may be made under this section if such return is filed more than 1 year after the time prescribed by law (including extensions) for filing such return." (b) EFFECTIVE DATE.—
26 USC 2001 et seq.
Supra.
26 USC 2032A.
(1) IN GENERAL.—The amendment made by subsection (a) shall apply to estates of decedents dying after the date of the enactment of this Act. (2) TRANSITIONAL RULE.—In the case of an estate of a decedent dying before the date of the enactment of this Act if— (A) a credit or refund of the tax imposed by chapter 11 of the Internal Revenue Code of 1954 is not prevented on the date of the enactment of this Act by the operation of any law or rule of law, (B) the election under section 2032 of the Internal Revenue Code of 1954 would have met the requirements of such section (as amended by this section and section 1023) had the decedent died after the date of enactment of this Act, and (C) a claim for credit or refund of such tax with respect to such estate is filed not later than the 90th day after the date of the enactment of this Act, then such election shall be treated as a valid election under such section 2032. The statutory period for the assessment of any deficiency which is attributable to an election under this paragraph shall not expire before the close of the 2-year period beginning on the date of the enactment of this Act. SEC. 102.5. MODIFICATION OF ELECTION OR AGREEMENT UNDER SECTION 2032A. (a) IN GENERAL.—Section 2032A(d) (relating to election and agreement) is amended by adding at the end thereof the following new paragraph:
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