legislation: 101-s-3113
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 101-s-3113 | 101 | s | 3113 | A bill to amend the Internal Revenue Code of 1986 to repeal section 2036(c), to provide special valuation rules in certain cases involving estate freezes, and for other purposes. | Taxation | 1990-09-26 | 1990-09-26 | Read twice and referred to the Committee on Finance. | Senate | Sen. Bentsen, Lloyd M. [D-TX] | TX | D | B000401 | 2 | Repeals estate tax provisions of the Internal Revenue Code regarding inclusion in the gross estate of the value of certain types of transfers with a retained life estate. Applies the repeal retroactively in connection with property transferred after December 17, 1987. Establishes special valuation rules for determining whether a transfer of an interest in a corporation or partnership to a member of the transferor's family is a gift. Provides for determining the valuation of any retained rights, interests, and distribution rights. Provides for determining the value of cumulative but unpaid distributions by corporations or partnerships. Provides that a gift tax statute of limitations does not close for a gift determined after applying the special valuation rule, if such gift was not disclosed on a gift tax return. Sets forth special rules for valuing any interest for life or a term of years in property involving family members. Provides for determining the value of property for transfer tax purposes under certain buy-sell agreements. Requires the Secretary of the Treasury to study and report to specified congressional committees on: (1) the prevalance and type of options and agreements used to distort the value of property for such purposes. | 2025-01-14T18:59:41Z |