Irc Section 2032

The amendments made by this section enacting section 6905 of this title amending sections 1223 2032 2055 2204 6040 6075 6091 6161 6314 6324 and 6504 of this title and enacting provisions set out as notes under sections 2032 2204 and 6905 of this title other than subsection f.

Irc section 2032. Prior to amendment par. Read the code on findlaw. It is called internal revenue code section 2032a special land use valuation.

The amendments made by subsections b 1 j 1 and j 2 amending this section and section 1040 of this title and the provisions of subparagraph a of section 2032a c 7 of the internal revenue code of 1986 formerly i r c. Internal revenue code 26 usca section 2032. G application of this section and section 6324b to interests in partnerships corporations and trusts.

More specifically if an executor elects the alternate valuation method under section 2032 the property included in the decedent s gross estate on the date of his death is valued as of whichever of the following dates is applicable. The value of the gross estate may be determined if the executor so elects by valuing all the property included in the gross estate as follows. The secretary shall prescribe regulations setting forth the application of this section and section 6324b in the case of an interest in a partnership corporation or trust which with respect to the decedent is an interest in a closely.

It is an alternative land valuation method used in the calculation of federal estate taxes that must be paid at the time of estate settlement. 2 read as follows. The election under section 2032 of the internal revenue code of 1986 would have met the requirements of such section as amended by this section and section 1023 had the decedent died after the date of enactment of this act and.

1 in the case of property distributed sold exchanged or otherwise disposed of within 6. In general section 2032 provides for the valuation of a decedent s gross estate at a date other than the date of the decedent s death. If an amount is included in the gross estate of a decedent under section 2036 of the 1986 code other than solely by reason of section 2036 c of the 1986 code the amendments made by subsection f enacting section 2207b of this title shall apply to such amount only with respect to property transferred after the date of the enactment of this.

Internal revenue code section 2032. Section 101 j of pub.