Historic Structure Valuation Act

Summary

Historic Structure Valuation Act - Amends the Internal Revenue Code to provide that the value of any certified historic structure includible in the gross estate of the decedent shall be its historic use value. Defines "historic use value" as the value of the certified historic structure subject to any perpetual historic preservation easement. Requires that the election for the special valuation treatment must be made by the time prescribed for filing the tax return. Allows the executor of an estate to elect to pay all or part of the estate tax due in two or more equal installments (not to exceed 15) if the value of the certified historic structure included in the gross estate of the decedent exceeds 35 percent of the adjusted gross estate. Permits the annual payment of such installments. Limits the amount of the tax which may be paid in installments. Provides that if a deficiency has been assessed, the deficiency shall be prorated to the installments payable. Requires the interest due on any unpaid portion of the estate tax to be paid annually at the the same time as each installment payment. Requires the accelerated payment of any unpaid portion of the estate tax subject to this election if more than 50 percent of the certified historic structure amount is distributed, sold, exchanged, or otherwise disposed of to any person other than a qualified heir of the decedent. Requires any undistributed net income of the estate to be used to liquidate any unpaid portion of the estate tax payable in installments. Requires the payment of the unpaid portion of the estate tax upon notice and demand if any payment of principal or interest is not paid on or before the date fixed for the payment. Permits payment of any principal or interest amount within six months of the due date with an imposition of a penalty for such late payment. Permits the executor to elect to pay a deficiency in installments if the deficiency is assessed, the estate qualifies for the certified historic structure election, and the executor has not made the election.

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1 official file

• Introduced in House

  summary · EN · 1 November 1985

  Open at official source

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