A bill to amend the Internal Revenue Code of 1986 to repeal section 2036(c), to provide special valuation rules in certain cases involving estate freezes, and for other purposes.

Summary

Repeals estate tax provisions of the Internal Revenue Code regarding inclusion in the gross estate of the value of certain types of transfers with a retained life estate. Applies the repeal retroactively in connection with property transferred after December 17, 1987. Establishes special valuation rules for determining whether a transfer of an interest in a corporation or partnership to a member of the transferor's family is a gift. Provides for determining the valuation of any retained rights, interests, and distribution rights. Provides for determining the value of cumulative but unpaid distributions by corporations or partnerships. Provides that a gift tax statute of limitations does not close for a gift determined after applying the special valuation rule, if such gift was not disclosed on a gift tax return. Sets forth special rules for valuing any interest for life or a term of years in property involving family members. Provides for determining the value of property for transfer tax purposes under certain buy-sell agreements. Requires the Secretary of the Treasury to study and report to specified congressional committees on: (1) the prevalance and type of options and agreements used to distort the value of property for such purposes.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 26 September 1990

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 26 September 1990

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 26 September 1990

  Open at official source

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Sponsors

• Sen. Bentsen, Lloyd M. [D-TX] · D · Sponsor
• Sen. Boren, David L. [D-OK] · D · Sponsor
• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• · ssfi00 · Standing

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