1996 US Code
Title 10 - ARMED FORCES
Subtitle A - General Military Law
PART IV - SERVICE, SUPPLY, AND PROCUREMENT
CHAPTER 155 - ACCEPTANCE OF GIFTS AND SERVICES
Sec. 2601 - General gift funds
View Metadata| Publication Title | United States Code, 1994 Edition, Supplement 2, Title 10 - ARMED FORCES |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 10 - ARMED FORCES Subtitle A - General Military Law PART IV - SERVICE, SUPPLY, AND PROCUREMENT CHAPTER 155 - ACCEPTANCE OF GIFTS AND SERVICES Sec. 2601 - General gift funds |
| Contains | section 2601 |
| Date | 1996 |
| Laws in Effect as of Date | January 6, 1997 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Aug. 10, 1956, ch. 1041, 70A Stat. 144; Dec. 12, 1980, Pub. L. 96-513, title V, §511(86), 94 Stat. 2927. |
| Statutes at Large References | 62 Stat. 71 94 Stat. 2927 |
| Public Law References | Public Law 96-513 |
§2601. General gift funds
(a) The Secretary concerned may accept, hold, administer, and spend any gift, devise, or bequest of real or personal property, made on the condition that it be used for the benefit, or in connection with the establishment, operation, or maintenance, of a school, hospital, library, museum, cemetery, or other institution or organization under the jurisdiction of his department. He may pay all necessary expenses in connection with the conveyance or transfer of a gift, devise, or bequest made under this subsection.
(b) Gifts and bequests of money, and the proceeds of the sale of property, received under subsection (a) shall be deposited in the Treasury in the fund called—
(1) “Department of the Army General Gift Fund”, in the case of deposits of that department;
(2) “Department of the Navy General Gift Fund”, in the case of deposits of that department;
(3) “Department of the Air Force General Gift Fund”, in the case of deposits of that department; and
(4) “Coast Guard General Gift Fund”, in the case of deposits of the Secretary of Transportation.
The Secretary concerned may disburse funds deposited under this subsection for the benefit or use of the designated institution or organization, subject to the terms of the gift, devise, or bequest.
(c) For the purposes of Federal income, estate, and gift taxes, property that is accepted under subsection (a) shall be considered as a gift, devise, or bequest to or for the use of the United States.
(d) The Secretary of the Treasury, upon the request of the Secretary of a military department, may retain money, securities, and the proceeds of the sale of securities, in the gift fund of the department concerned, and may invest money and reinvest the proceeds of the sale of securities in that fund in securities of the United States or in securities guaranteed as to principal and interest by the United States. The Secretary of the Treasury may do likewise with respect to the Coast Guard General Gift Fund. The interest and profits accruing from those securities shall be deposited to the credit of the gift fund of the department concerned and may be disbursed as provided in subsection (b).
(Aug. 10, 1956, ch. 1041, 70A Stat. 144; Dec. 12, 1980, Pub. L. 96–513, title V, §511(86), 94 Stat. 2927.)
| Revised section | Source (U.S. Code) | Source (Statutes at Large) |
|---|---|---|
| 2601(a) 2601(b) | 5:150q. 5:150r. | Mar. 11, 1948, ch. 107, 62 Stat. 71. |
| 2601(c) | 5:150s. | |
| 2601(d) | 5:150t. |
In subsection (a), the words “receive” and “administration” are omitted as surplusage.
In subsection (b), the words “and conditions” and “United States” are omitted as surplusage.
In subsection (c), the words “any gift, devise, or bequest of” and “real or personal” are omitted as surplusage.
In subsection (d), the words “or any part thereof deposited in the Treasury pursuant to section 150r of this title” are omitted as surplusage.
Amendments1980—Subsec. (b)(4). Pub. L. 96–513 substituted “Secretary of Transportation” for “Secretary of the Treasury”.
Effective Date of 1980 AmendmentAmendment by Pub. L. 96–513 effective Dec. 12, 1980, see section 701(b)(3) of Pub. L. 96–513, set out as a note under section 101 of this title.
Cross ReferencesEstate tax deductions of transfers for public, charitable, and religious uses, see section 2055 of Title 26, Internal Revenue Code.
Gift tax deductions of charitable and similar gifts, see section 2522 of Title 26.
Income tax deductions of charitable, etc., contributions and gifts, see section 170 of Title 26.
United States Naval Academy General Gift Fund, see section 6973 of this title.
United States Naval Academy Museum Fund, see section 6974 of this title.
Section Referred to in Other SectionsThis section is referred to in sections 2605, 2607, 4356 of this title.
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