96 STAT. 2380
PUBLIC LAW 97-448—JAN. 12, 1983
26 USC 2044.
(B) Section 2044 (relating to certain property for which marital deduction was previously allowed) is amended by adding at the end thereof the following new subsection: "(c) PROPERTY TREATED AS HAVING PASSED FROM DECEDENT.—For
purposes of this chapter and chapter 13, property includible in the gross estate of the decedent under subsection (a) shall be treated as property passing from the decedent." (2) DENIAL OF DOUBLE DEDUCTION.—
26 USC 2056.
26 USC 2523.
(A) Subsection (b) of section 2056 (relating to bequests, etc., to surviving spouse) is amended by adding at the end thereof the following new paragraph: "(9) DENIAL OF DOUBLE DEDUCTION.—Nothing in this section or any other provision of this chapter shall allow the value of any interest in property to be deducted under this chapter more than once with respect to the same decedent." (B) Section 2523 (relating to gift to spouse) is amended by adding at the end thereof the following new subsection: "(h) DENIAL OP DOUBLE DEDUCTION.—Nothing in this section or any other provision of this chapter shall allow the value of any interest in property to be deducted under this chapter more than once with respect to the same donor." (3) DISPOSITIONS OF CERTAIN LIFE ESTATES.—
26 USC 2519.
95 Stat. 301.
(A) Subsection (a) of section 2519 (relating to dispositions of certain life estates) is amended to read as follows: "(a) GENERAL RULE.—For purposes of this chapter and chapter 11, any disposition of all or part of a qualifying income interest for life in any property to which this section applies shall be treated as a transfer of all interests in such property other than the qualifying income interest." (B) Clauses (i) and (ii) of section 403(d)(3)(B) of the Economic Recovery Tax Act of 1981 are each amended by striking out "chapter 11" and inserting in lieu thereof "chapter 12". (4) TIME FOR MAKING ELECTION.—Paragraph (4) of section
2523(f) (relating to election with respect to life estate for donee spouse) is amended to read as follows: "(4) ELECTION.— "(A) TIME AND MANNER.—An election under this subsec-
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tion with respect to any property shall be made on or before the first April 15th after the calendar year in which the interest was transferred and shall be made in such manner as the Secretary shall by regulations prescribe. "(B) ELECTION IRREVOCABLE.—An election under this subsection, once made, shall be irrevocable." (5) TREATMENT OF CERTAIN INTEREST RETAINED BY DONOR
SPOUSE.—Subsection (f) of section 2523 (relating to election with respect to life estate for donee spouse) is amended by adding at the end thereof the following new paragraph: "(5) TREATMENT OF INTEREST RETAINED BY DONOR SPOUSE.—
"(A) IN GENERAL.—In the case of any qualified terminable interest property— "(i) such property shall not be includible in the gross estate of the donor spouse, and "(ii) any subsequent transfer by the donor spouse of an interest in such property shall not be treated as a transfer for purposes of this chapter.
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