1996 US Code
Title 26 - INTERNAL REVENUE CODE
CHAPTER 11 - ESTATE TAX
Subchapter C - Miscellaneous
Sec. 2207B - Right of recovery where decedent retained interest
View MetadataPublication Title | United States Code, 1994 Edition, Supplement 2, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE CHAPTER 11 - ESTATE TAX Subchapter C - Miscellaneous Sec. 2207B - Right of recovery where decedent retained interest |
Contains | section 2207B |
Date | 1996 |
Laws in Effect as of Date | January 6, 1997 |
Positive Law | No |
Disposition | standard |
Source Credit | Added Pub. L. 100-647, title III, §3031(f)(1), Nov. 10, 1988, 102 Stat. 3637; amended Pub. L. 101-508, title XI, §11601(b)(1), Nov. 5, 1990, 104 Stat. 1388-490. |
Statutes at Large References | 102 Stat. 3637 104 Stat. 1388-490 |
Public Law References | Public Law 100-203, Public Law 100-647, Public Law 101-508 |
§2207B. Right of recovery where decedent retained interest (a) Estate tax (1) In general
If any part of the gross estate on which tax has been paid consists of the value of property included in the gross estate by reason of section 2036 (relating to transfers with retained life estate), the decedent's estate shall be entitled to recover from the person receiving the property the amount which bears the same ratio to the total tax under this chapter which has been paid as—
(A) the value of such property, bears to
(B) the taxable estate.
(2) Decedent may otherwise direct by willParagraph (1) shall not apply if the decedent otherwise directs in a provision of his will (or a revocable trust) specifically referring to this section.
(b) More than one recipientFor purposes of this section, if there is more than 1 person receiving the property, the right of recovery shall be against each such person.
(c) Penalties and interestIn the case of penalties and interest attributable to the additional taxes described in subsection (a), rules similar to the rules of subsections (a) and (b) shall apply.
(d) No right of recovery against charitable remainder trustsNo person shall be entitled to recover any amount by reason of this section from a trust to which section 664 applies (determined without regard to this section).
(Added Pub. L. 100–647, title III, §3031(f)(1), Nov. 10, 1988, 102 Stat. 3637; amended Pub. L. 101–508, title XI, §11601(b)(1), Nov. 5, 1990, 104 Stat. 1388–490.)
Amendments1990—Subsec. (b). Pub. L. 101–508, §11601(b)(1)(A), redesignated former subsec. (c) as (b) and struck out former subsec. (b) which read as follows: “If for any calendar year tax is paid under chapter 12 with respect to any person by reason of property treated as transferred by such person under section 2036(c)(4), such person shall be entitled to recover from the original transferee (as defined in section 2036(c)(4)(C)(ii)) the amount which bears the same ratio to the total tax for such year under chapter 12 as—
“(1) the value of such property for purposes of chapter 12, bears to
“(2) the total amount of the taxable gifts for such year.”
Subsec. (c). Pub. L. 101–508, §11601(b)(1), redesignated subsec. (d) as (c) and substituted “subsection (a)” for “subsections (a) and (b)” and “subsections (a) and (b)” for “subsections (a), (b), and (c)”. Former subsec. (c) redesignated (b).
Subsecs. (d), (e). Pub. L. 101–508, §11601(b)(1)(A), redesignated subsecs. (d) and (e) as (c) and (d), respectively. Former subsec. (d) redesignated (c).
Effective Date of 1990 AmendmentAmendment by Pub. L. 101–508 applicable in the case of property transferred after Dec. 17, 1987, see section 11601(c) of Pub. L. 101–508, set out as a note under section 2036 of this title.
Effective DateSection effective as if included in provisions of Revenue Act of 1987, Pub. L. 100–203, title X, except that if an amount is included in the gross estate of a decedent under section 2036 of this title other than solely by reason of section 2036(c) of this title, section applicable to such amount only with respect to property transferred after Nov. 10, 1988, see section 3031(h)(1), (3) of Pub. L. 100–647, set out as an Effective Date of 1988 Amendment note under section 2036 of this title.
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