CONTENTS Bills introduced in the House of Representatives during the 94th Congress Comparison of major features of estate and gift tax legislation introduced in the House, 94th Congress--- Proposals to allow certain real property to be valued according to its exist- ing use rather than its fair market value for estate tax purposes---- Comparison of the major features of estate and gift tax legislation intro- SURVEY AND ANALYSIS OF PENDING BILLS ESTATE AND GIFT TAX PROPOSALS BILLS INTRODUCED IN THE HOUSE OF REPRESENTATIVES DURING THE 94TH CONGRESS THROUGH FEBRUARY 23, 1976 Due to the large number of bills concerning estate and gift taxation pending before the Committee on Ways and Means, one representative bill number will be used in this analysis as an example for all similar bills. All legislation on estate and gift taxation pending before the committee as of February 23, 1976, is indexed below. The first number listed in each sequence will be used as the illustrative bill. 7420, 7241, 7610, 8053, 8054, 10015, Tax applicable to closely held business 10538, 10583, 10913_. interests. $120,000, to increase to. 4885 11484, 11496, 11720----- 9180, 8331 8458 3709 4323, 2716, 4872, 5267, 5612, 5705, 6335.795, 3867, 4861, 5371, 6963, 9933, 11590_1040, 1041, 4371, 6866, 6988 3091 $120,000, to increase to; $60,000 to increase to for nonresident, noncitizens. $120,000, to increase to in 3 stages: to $80,000 in 1976, $100,000 in 1978, and $120,000 in 1980. $125,000, to increase to; marital deduc- $150,000 to increase to; alternate real $200,000 to increase; to change estate $200,000, to increase to; alternate real H.R. NO. Tax purposes 4368, 2417, 4833, 5189, 5837, 6306, 6758, Exemption equal to the lesser of (1) 7410, 8427, 9645, 9910. 4906 $200,000; or (2) "the value of the decedent's interest in a family farming operation continually owned by him or his spouse during the 5 years prior to the date of his death and which passes or has passed to an individual or individuals related to him or his spouse." This exemption would be in addition to the individual $60,000 exemption. Same as H.R. 4368; extension of time for payment. 5596, 6592, 6965, 7134, 7440, 7776, 8625, Same as H.R. 4368; real property, cer8626, 10243, 11363. 1793, 925, 2048, 2543, 3153, 3285, 3871, 3903, 3915, 4292, 4808, 4930, 4953, 5362, 5481, 5770, 5984, 6103, 6178, 6179, 6196, 6226, 7143, 7777, 7912, 8166, 8215, 8568, 8801, 10892, 11422, 11427, 11770. 8482 10357 11602 10932 6988 10086, 10087, 10180, 10245___. 7521, 8132, 11657 11436 1982 9736 1793, 8458 tain alternate payment, to provide. $200,000, to increase to; marital deduction, to increase to $100,000 plus; valuation of property, alternate method for real property. $200,000 to increase to; $100,000 to increase to for nonresident noncitizen; valuation of property, alternate method for real property. Same as 1793. Same as 1793. Expenses, indebtedness, and taxes: Double deduction, to provide for disallowance of certain. Rates of tax: integration of estate tax rates with intervivos gifts. Same as H.R. 6988. (See also H.R. 1040 above.) Joint property Spouses services to be considered in qualifying for an exclusion on jointly held property, to provide. Support Support allowances limitations. Trusts, charitable remainder Modification of treatment of a change in will or trust instrument, for purposes of the Tax Reform Act of 1969. Trust fund established by a taxpayer to provide care for mentally incompetent relatives, to exempt. Valuation of property Rural property, alternate method to provide. (See above.) 432, 935, 1349, 3831, 3832, 4441, 5131, Real property, alternate method to 5286, 6955, 8420. |