Source: https://www.law.cornell.edu/cfr/text/26/20.2013-3
Timestamp: 2017-05-01 02:54:18
Document Index: 382075675

Matched Legal Cases: ['art 20', '§ 20', '§ 20', '§ 20', '§ 20', '§ 20', '§ 20', '§ 20', '§ 2010', '§ 6060', '§ 6081', '§ 6109', '§ 6302', '§ 6695', '§ 7520', '§ 7805']

26 CFR 20.2013-3 - “Second limitation”. | US Law | LII / Legal Information Institute
CFR › Title 26 › Chapter I › Subchapter B › Part 20 › Section 20.2013-3 26 CFR 20.2013-3 - “Second limitation”.
§ 20.2013-3 “Second limitation”.
(a) The amount of the Federal estate tax attributable to the transferred property in the present decedent's estate is the “second limitation”. Thus, the credit is limited to the difference between - (1) The net estate tax payable (see paragraph (b)(5) or (c), as the case may be, of § 20.0-2) with respect to the present decedent's estate, determined without regard to any credit for tax on prior transfers under section 2013 or any credit for foreign death taxes claimed under the provisions of a death tax convention, and
(2) The net estate tax determined as provided in subparagraph (1) of this paragraph but computed by subtracting from the present decedent's gross estate the value of the property transferred (see § 20.2013-4), and by making only the adjustment indicated in paragraph (b) of this section if a charitable deduction is allowable to the estate of the present decedent.
(b) If a charitable deduction is allowable to the estate of the present decedent under the provisions of section 2055 or section 2106 (a)(2) (for estates of nonresidents not citizens), for purposes of determining the tax described in paragraph (a)(2) of this section, the charitable deduction otherwise allowable is reduced by an amount, E, which bears the same ratio to F (the charitable deduction otherwise allowable) as G (the value of the transferred property (see § 20.2013-4)) bears to H (the value of the present decedent's gross estate reduced by the amount of the deductions for expenses, indebtedness, taxes, losses, etc., allowed under the provisions of sections 2053 and 2054 or section 2106(a)(1) (for estates of nonresidents not citizens)). See paragraph (c)(2) of example (1) and paragraph (c)(2) of example (2) in § 20.2013-6.
(c) If the credit for tax on prior transfers relates to property received from two or more transferors, the property received from all transferors is aggregated in determining the limitation on credit under this section (the “second limitation”). However, the limitation so determined is apportioned to the property received from each transferor in the ratio that the property received from each transferor bears to the total property received from all transferors. See paragraph (c) of example (2) in § 20.2013-6.
(d) For illustrations of the application of this section, see examples (1) and (2) set forth in § 20.2013-6.
[T.D. 6296, 23 FR 4529, June 24, 1958; 25 FR 14021, Dec. 31, 1960, as amended by T.D. 7296, 38 FR 34191, Dec. 12, 1973] This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.United States CodeU.S. Code: Title 26 - INTERNAL REVENUE CODE§ 2010 - Unified credit against estate tax§ 6060 - Information returns of tax return preparers§ 6081 - Extension of time for filing returns§ 6109 - Identifying numbers§ 6302 - Mode or time of collection§ 6695 - Other assessable penalties with respect to the preparation of tax returns for other persons§ 7520 - Valuation tables§ 7805 - Rules and regulations
26 CFR 20.2013-6 — Examples.
26 CFR 20.2056A-7 — Allowance of Prior Transfer Credit Under Section 2013.
26 CFR 20.2013-1 — Credit for Tax on Prior Transfers.