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26 U.S.C. § 2502 — Rate of tax

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 206 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section computes gift tax by subtracting the prior-period tentative tax from the tentative tax including the current year. It defines preceding periods and makes the donor responsible for payment.

(a) The annual tax under section 2501 equals the excess of (1) tentative tax under section 2001(c) on taxable gifts for the current and preceding periods, over (2) tentative tax under that section on gifts for preceding periods. (b) “Preceding calendar period” means (1) 1932, 1970, and intervening years; (2) the first quarter of 1971 and intervening quarters through the first quarter of 1982; and (3) all years after 1981 and before the computation year. For (1), 1932 means only the period after June 6. (c) The donor pays the section 2501 tax.

the actual law source: uscode.house.gov ↗public domain
(a) Computation of tax

The tax imposed by section 2501 for each calendar year shall be an amount equal to the excess of—

(1)

a tentative tax, computed under section 2001(c), on the aggregate sum of the taxable gifts for such calendar year and for each of the preceding calendar periods, over

(2)

a tentative tax, computed under such section, on the aggregate sum of the taxable gifts for each of the preceding calendar periods.

(b) Preceding calendar period

Whenever used in this title in connection with the gift tax imposed by this chapter, the term “preceding calendar period” means—

(1)

calendar years 1932 and 1970 and all calendar years intervening between calendar year 1932 and calendar year 1970,

(2)

the first calendar quarter of calendar year 1971 and all calendar quarters intervening between such calendar quarter and the first calendar quarter of calendar year 1982, and

(3)

all calendar years after 1981 and before the calendar year for which the tax is being computed.

For purposes of paragraph (1), the term “calendar year 1932” includes only that portion of such year after June 6, 1932.

(c) Tax to be paid by donor

The tax imposed by section 2501 shall be paid by the donor.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 403; Pub. L. 91–614, title I, § 102(a)(2), Dec. 31, 1970, 84 Stat. 1839; Pub. L. 94–455, title XX, § 2001(b)(1), Oct. 4, 1976, 90 Stat. 1849; Pub. L. 97–34, title IV, § 442(a)(2), Aug. 13, 1981, 95 Stat. 320; Pub. L. 100–203, title X, § 10401(b)(2)(B), Dec. 22, 1987, 101 Stat. 1330–431; Pub. L. 107–16, title V, § 511(d), June 7, 2001, 115 Stat. 70; Pub. L. 111–312, title III, § 302(b)(2), Dec. 17, 2010, 124 Stat. 3301.)

history & why it existsrecord from the source credit
  • 1954Enacted · Act of Aug. 16, 1954, ch. 736
  • 1970Amended · Pub. L. 91-614 · 84 Stat. 1839
  • 1976Amended · Pub. L. 94-455 · 90 Stat. 1849
  • 1981Amended · Pub. L. 97-34 · 95 Stat. 320
  • 1987Amended · Pub. L. 100-203 · 101 Stat. 1330
  • 2001Amended · Pub. L. 107-16 · 115 Stat. 70
  • 2010Amended · Pub. L. 111-312 · 124 Stat. 3301

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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