2012 US Code
Title 26 - Internal Revenue Code
Subtitle B - Estate and Gift Taxes (§§ 2001 - 2801)
Chapter 14 - SPECIAL VALUATION RULES (§§ 2701 - 2704)
Section 2703 - Certain rights and restrictions disregarded
|Publication Title||United States Code, 2012 Edition, 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 |
Subtitle B - Estate and Gift Taxes
CHAPTER 14 - SPECIAL VALUATION RULES
Sec. 2703 - Certain rights and restrictions disregarded
|Laws in Effect as of Date||January 15, 2013|
|Source Credit||Added Pub. L. 101-508, title XI, §11602(a), Nov. 5, 1990, 104 Stat. 1388-498.|
|Statutes at Large Reference||104 Stat. 1388-498|
|Public Law Reference||Public Law 101-508|
For purposes of this subtitle, the value of any property shall be determined without regard to—
(1) any option, agreement, or other right to acquire or use the property at a price less than the fair market value of the property (without regard to such option, agreement, or right), or
(2) any restriction on the right to sell or use such property.(b) Exceptions
Subsection (a) shall not apply to any option, agreement, right, or restriction which meets each of the following requirements:
(1) It is a bona fide business arrangement.
(2) It is not a device to transfer such property to members of the decedent's family for less than full and adequate consideration in money or money's worth.
(3) Its terms are comparable to similar arrangements entered into by persons in an arms’ length transaction.
(Added Pub. L. 101–508, title XI, §11602(a), Nov. 5, 1990, 104 Stat. 1388–498.)
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