102 STAT. 3564
PUBLIC LAW 100-647—NOV. 10, 1988 "(B) if subparagraph (A) does not apply, its value as of the close of the estate tax inclusion period (or, if any allocation of GST exemption to such property is not made on a timely filed gift tax return for the calendar year in which such period ends, its value as of the time such allocation is filed with the Secretary). "(3) ESTATE TAX INCLUSION PERIOD.—For purposes of this subsection, the term 'estate tax inclusion period' means any period after the transfer described in paragraph (1) during which the value of the property involved in such transfer would be includible in the gross estate of the transferor under chapter 11 if he died. Such period shall in no event extend beyond the earlier of— "(A) the date on which there is a generation-skipping transfer with respect to such property, or "(B) the date of the death of the transferor. "(4) TREATMENT OF SPOUSE.—Except as provided in regulations, any reference in this subsection to an individual or transferor shall be treated as including a reference to the spouse of such individual or transferor. "(5) COORDINATION WITH SUBSECTION (d).—Under regulations, appropriate adjustments shall be made in the application of subsection (d) to take into account the provisions of this subsection." (B) Paragraph (2) of section 2642(a) of the 1986 Code is amended by striking out the last sentence. (C) Subparagraph (A) of section 2642(b)(2) of the 1986 Code is amended by inserting before the period a t the end thereof the following: "; except that, if the requirements prescribed by the Secretary respecting allocation of post-death changes in value are not met, the value of such property shall be determined as of the time of the distribution concerned." (D) Subsection (b) of section 2642 of the 1986 Code is amended by inserting "Except as provided in subsection (f)—" immediately after the subsection heading. (E) Subparagraph (B) of section 2642(b)(2) of the 1986 Code is amended— (i) by striking out "at or after the death of the transferor" and inserting in lieu thereof "to property transferred as a result of the death of the transferor"; and (ii) by striking out "AT OR AFTER DEATH" in the subparagraph heading and inserting in lieu thereof "TO PROPERTY TRANSFERRED AT D E A T H ".
(F) Paragraph (3) of section 2642(b) of the 1986 Code is amended— (i) by striking out "to any property is made during the life of the transferor but is" and inserting in lieu thereof "to any property not transferred as a result of the death of the transferor is"; and (ii) by striking out "INTER VIVOS ALLOCATIONS" in the
subparagraph
heading and inserting in lieu
thereof
"ALLOCATIONS TO INTER VIVOS TRANSFERS".
(5)(A) Paragraph (1) of section 2613(a) of the 1986 Code is amended by striking out "a person assigned" and inserting in lieu thereof "a natural person assigned". (B) Subsection (c) of section 2612 of the 1986 Code is amended by adding at the end thereof the following new paragraph:
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