90 STAT. 1854
PUBLIC LAW 94-455—OCT. 4, 1976 (d) EFFECTIVE D A T E S. —
26 USC 2001 note.
26 USC 2502 note.
(1) The amendments made by subsections (a) and (c)(1) shall apply to the estates of decedents dying after December 31, 1976; except that the amendments made by subsection (a)(5) and subparagraph s (K) and (L) of subsection (c)(1) shall not apply to transfers made before January 1, 1977. (2) The amendments made by subsections (b) and (c)(2) shall apply to gifts made after December 31, 1976. SEC. 2002. INCREASE IN LIMITATIONS ON MARITAL DEDUCTIONS; FRACTIONAL INTERESTS OF SPOUSE. (a) INCREASE I N ESTATE T A X MARITAL DEDUCTION. — Paragraph
26 USC 2056.
(1)
of section 2056(c) (relating to limitation on m a r i t a l deduction) is amended to read as follows: "(1)
LIMITATION.—
" (A) IN GENERAL.—The aggregate amount of the deductions allowed under this section (computed without regard to this subsection) shall not exceed the greater of— " (i) $250,000, or " ( i i) 50 percent of the value of the adjusted gross estate (as defined in paragraph (2)). "(B)
ADJUSTMENT FOR CERTAIN GIFTS TO SPOUSE.—If
a
deduction is allowed to the decedent under section 2523 with respect to any gift made to his spouse after December 31, 1976, the limitation provided by subparagraph (A) (determined without regard to this subparagraph) shall be reduced (but not below zero) by the excess (if any) of— " (i) the aggregate of the deductions allowed to the decedent under section 2523 with respect to gifts made after December 31, 1976, over " ( i i) the aggregate of the deductions which would have been allowable under section 2523 with respect to gifts made after December 31, 1976, if the amount deductible under such section with respect to any gift were 50 percent of its value. "(C)
COMMUNITY PROPERTY ADJUSTMENT. — The $250,000
amount set forth in subparagraph (A)(i) shall be reduced by the excess (if any) of— " (i) the amount of the subtraction determined under clauses (i), ( i i), and (iii) of paragraph (2)(B), over " ( i i) the excess of the aggregate of the deductions allowed under sections 2053 and 2054 over the amount taken into account with respect to such deductions under clause (iv) of paragraph (2)(B). " (b)
26 USC 2523.
INCREASE I N G I F T T A X MARITAL DEDUCTION.—Subsection (a)
of
section 2523 (relating to deduction for gift to spouse) is amended to read as follows: " (a) ALLOWANCE OF DEDUCTION.—
" (1) IN GENERAL.—Where a donor who is a citizen or resident transfers during the calendar quarter by gift an interest in property to a donee who at the time of the gift is the donor's spouse, there shall be allowed as a deduction in computing taxable gifts for the calendar quarter an amount with respect to such interest equal to its value. " (2) LIMITATION.—The aggregate of the deductions allowed under paragraph (1) for any calendar quarter shall not exceed the sum of—
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