A bill to amend the Internal Revenue Code of 1954 to allow estates required to file estate tax returns before July 13, 1978, to elect the valuation of certain farm, and so forth, real property under section 2032A of such Code within ninety days after final regulations are adopted under such section.

Summary

Amends the Internal Revenue Code to allow estates required to file estate tax returns before July 13, 1978, to elect the valuation of certain farm and other real property within 90 days after the later of: (1) the date of the enactment of this Act; or (2) the earliest date on which all necessary relevant regulations become final. Defines a "necessary regulation" as a regulation necessary in order for the executor to make a reasoned evaluation of whether or not to make such an election. Applies the provisions of this Act to estates of decedents dying after December 31, 1976.

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1 official file

• Introduced in Senate

  summary · EN · 22 July 1980

  Open at official source

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