
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 2002]
[CITE: 26USC2519]

 
                     TITLE 26--INTERNAL REVENUE CODE
 
                    Subtitle B--Estate and Gift Taxes
 
                          CHAPTER 12--GIFT TAX
 
                         Subchapter B--Transfers
 
Sec. 2519. Dispositions of certain life estates


(a) General rule

    For purposes of this chapter and chapter 11, any disposition of all 
or part of a qualifying income interest for life in any property to 
which this section applies shall be treated as a transfer of all 
interests in such property other than the qualifying income interest.

(b) Property to which this subsection applies

    This section applies to any property if a deduction was allowed with 
respect to the transfer of such property to the donor--
        (1) under section 2056 by reason of subsection (b)(7) thereof, 
    or
        (2) under section 2523 by reason of subsection (f) thereof.

(c) Cross reference

            For right of recovery for gift tax in the case of property 
        treated as transferred under this section, see section 2207A(b).

(Added Pub. L. 97-34, title IV, Sec. 403(d)(3)(B)(i), Aug. 13, 1981, 95 
Stat. 304; amended Pub. L. 97-448, title I, Sec. 104(a)(3), (7), Jan. 
12, 1983, 96 Stat. 2380, 2381.)


                               Amendments

    1983--Pub. L. 97-448, Sec. 104(a)(3)(B), amended directory language 
of Pub. L. 97-34, Sec. 403(d)(3)(B)(i), to clarify that this section be 
inserted at end of subchapter B of chapter 12, rather than at end of 
subchapter B of chapter 11, and did not involve any change in text.
    Subsec. (a). Pub. L. 97-448, Sec. 104(a)(3)(A), substituted ``For 
purposes of this chapter and chapter 11, any disposition'' for ``Any 
disposition'' and ``treated as a transfer of all interests in such 
property other than the qualifying income interest'' for ``treated as a 
transfer of such property''.
    Subsec. (c). Pub. L. 97-448, Sec. 104(a)(7), added subsec. (c).


                    Effective Date of 1983 Amendment

    Amendment by Pub. L. 97-448 effective, except as otherwise provided, 
as if it had been included in the provision of the Economic Recovery Tax 
Act of 1981, Pub. L. 97-34, to which such amendment relates, see section 
109 of Pub. L. 97-448, set out as a note under section 1 of this title.


                             Effective Date

    Section applicable to gifts made after Dec. 31, 1981, see section 
403(e)(2) of Pub. L. 97-34, set out as an Effective Date of 1981 
Amendment note under section 2056 of this title.

                  Section Referred to in Other Sections

    This section is referred to in sections 2044, 2207A, 2523 of this 
title.
