Source: https://www.law.cornell.edu/uscode/text/26/2032?quicktabs_8=4
Timestamp: 2015-03-29 18:09:43
Document Index: 530176378

Matched Legal Cases: ['§ 2032', '§ 2032', '§ 2032', '§ 101', '§ 1023', '§ 1432', '§ 1023', '§ 1024', '§ 1023', '§ 1023', '§ 1024', '§ 2', '§ 101']

26 U.S. Code § 2032 - Alternate valuation | LII / Legal Information Institute
U.S. Code › Title 26 › Subtitle B › Chapter 11 › Subchapter A › Part III › § 2032 26 U.S. Code § 2032 - Alternate valuation
General The value of the gross estate may be determined, if the executor so elects, by valuing all the property included in the gross estate as follows:
Special rules No deduction under this chapter of any item shall be allowed if allowance for such items is in effect given by the alternate valuation provided by this section. Wherever in any other subsection or section of this chapter reference is made to the value of property at the time of the decedent’s death, such reference shall be deemed to refer to the value of such property used in determining the value of the gross estate. In case of an election made by the executor under this section, then—
for purposes of the charitable deduction under section 2055 or 2106
(a)(2), any bequest, legacy, devise, or transfer enumerated therein, and
Election must decrease gross estate and estate tax No election may be made under this section with respect to an estate unless such election will decrease—
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.
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.
(Aug. 16, 1954, ch. 736, 68A Stat. 381; Pub. L. 91–614, title I, § 101(a),Dec. 31, 1970, 84 Stat. 1836; Pub. L. 98–369, div. A, title X, §§ 1023(a), 1024
(a),July 18, 1984, 98 Stat. 1030; Pub. L. 99–514, title XIV, § 1432(c)(1),Oct. 22, 1986, 100 Stat. 2730.)
1986—Subsec. (c)(2). Pub. L. 99–514amended par. (2) generally. Prior to amendment, par. (2) read as follows: “the amount of the tax imposed by this chapter (reduced by credits allowable against such tax).”
1984—Subsec. (c). Pub. L. 98–369, § 1023(a), added subsec. (c). Former subsec. (c) redesignated (d).
Subsec. (d). Pub. L. 98–369, § 1024(a), substituted “Election” for “Time of election” in heading, designated existing text as par. (1), inserted heading “In general”, substituted “shall be made by the executor on the return of the tax imposed by this chapter” for “shall be exercised by the executor on his return if filed within the time prescribed by law or before the expiration of any extension of time granted pursuant to law for the filing of the return”, inserted sentence providing that an election, once made, is irrevocable, and added par. (2).
Pub. L. 98–369, § 1023(a), redesignatedsubsec. (c) as (d).
1970—Pub. L. 91–614substituted “6 months” for “1 year” in four places and substituted “6-month” for “1-year”.
Pub. L. 98–369, div. A, title X, § 1023(b),July 18, 1984, 98 Stat. 1030, provided that: “The amendments made by subsection (a) [amending this section] shall apply with respect to estates of decedents dying after the date of the enactment of this Act [July 18, 1984].”
Pub. L. 98–369, div. A, title X, § 1024(b),July 18, 1984, 98 Stat. 1030, as amended by Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095, provided that:
Pub. L. 91–614, title I, § 101(j),Dec. 31, 1970, 84 Stat. 1838, provided that: “The amendments made by this section [enacting section 6905 of this title, amending this section and sections 1223, 2055, 2204, 6040, 6075, 6091, 6161, 6314, 6324, and 6504 of this title, and enacting provisions set out as notes under this section and sections 2204 and 6905 of this title] (other than subsection (f)) [amending sections 2204 and 6905 of this title] shall apply with respect to decedents dying after December 31, 1970.”