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A BILL To amend the Internal Revenue Code of 1954 to accelerate the collection

of estate and gift taxes, and for other purposes Be it enacted by the Senate and the House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE, ETC.

(a) Short Title.-This Act may be cited as the "Estate and Gift Tax Amendments Act of 1970."

(b) Wherever in this Act an amendment is expressed in terms of an amendment to a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954. SEC. 2. GIFT TAX. (a) Amendments to Subchapter A of Chapter 12.(1) Section 2501.-.

(A) Paragraph (1) of subsection (a) of section 2501 (relating to imposition of tax) is amended to read as follows: (1) General rule.-For the first calendar quarter of calendar year 1971 and each calendar quarter thereafter a tax, computed as provided in section 2502, is hereby imposed on the transfer of property by gift during such calendar quarter by any individual, resident or nonresident."

(B) Parigraph (4) of such subsection is amended by deleting "calendar year" and inserting in lieu thereof

"calendar quarter". (2) Section 2502.

(A) All of subsection (a) of section 2502 before the rate

schedule is amended to read as follows: “(a) Computation of Tax.— The tax imposed by section 2501 for cach calendar quarter shall be an amount equal to the excess of

“(1) a tax, computed in accordance with the rate schedule set forth in this subsection, on the aggregate sum of the taxable gifts for such calendar quarter and for each of the preceding calendar years and calendar quarters, over

"(2) a tax, computed in accordance with such rate schedule, on the aggregate sum of the taxable gifts for each of the preceding calendar years and calendar quarters."

(B) Subsection (b) of section 2502 (relating to definition

of calendar year) is amended to read as follows: "(b) Calendar Quarter. - Wherever used in this title in connection with the gift tax imposed under Chapter 12, the term 'calendar quarter' includes only the first calendar quarter of the calendar year 1971 and succeeding calendar quarters.

(C) Subsection (c) of section 2502 (relating to definition

of preceding calendar years) is amended to read as follows: "(c) Preceding Calendar Years and Quarters.

“(1) The term “preceding calendar years' means calendar years 1932 and 1970 and all calendar years intervening between

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calendar year 1932 and calendar year 1970. The term 'calendar year 1932 includes only the portion of such year after June 6, 1932.

“(2) The term 'preceding calendar quarters' means the first calendar quarter of calendar year 1971 and all calendar quarters intervening between such calendar quarter and the calendar quarter for which the tax is being computed." (3) Section 2503.

(A) Subsection (a) of section 2503 (relating to taxable

gifts) is amended to read as follows: “(a) General Definition. The term 'taxable gifts' means, in the case of gifts made after December 31, 1970, the total amount of gifts made during the calendar quarter, less the deductions provided in subchapter C (sec. 2521 and following). In the case of gifts made before January 1, 1971, such term means the total amount of gifts made during the calendar year, less the deductions provided in subchapter C."

(B) The heading and first sentence of subsection (b) of section 2503 (relating to taxable gifts) is amended to read

as follows: “(b) Exclusions From Gifts.-In computing taxable gifts for the calendar quarter, in the case of gifts (other than gifts of future interests in property) made to any person by the donor during the calendar year 1971 and subsequent calendar years, $3,000 of such gifts to such person less the aggregate of the amounts of such gifts to such person during all preceding calendar quarters of the calendar year shall not, for purposes of subsection (a), be included in the total amount of gifts made during such quarter.

(4) Section 2504.-Section 2504 (relating to taxable gifts for

preceding years) is amended to read as follows: "SEC. 2504. TAXABLE GIFTS FOR PRECEDING YEARS.

“(a) In General.—In computing taxable gifts for preceding calendar years or calendar quarters for the purpose of computing the tax for any calendar quarter, there shall be treated as gifts such transfers as were considered to be gifts under the gift tax laws applicable to the years or calendar quarters in which the transfers were made and there shall be allowed such deductions as were provided for under such laws, except that the specific exemption in the amount, if any, allowable under section 2521 shall be applied in all computations in respect of previous calendar years or calendar quarters for the purpose of computing the tax for any calendar year or calendar quarter.

"(b) Exclusions From Gifts for Preceding Years.-In the case of gifts made to any person by the donor during preceding calendar years and calendar quarters, the amount excluded, if any, by the provisions of gift tax laws applicable to the years and calendar quarters in which the gifts were made shall not, for purposes of subsection (a), be included in the total amount of the gifts made during such years and calendar quarters.

"(c) Valuation of Certain Gifts for Preceding Calendar Years or Quarters.-If the time has expired within which a tax may be assessed under this chapter or under corresponding provisions of prior laws, on the transfer of property by gift made during a preceding calendar year or calendar quarter, as defined in section 2502 (c), and if a tax under this chapter or under corresponding provisions of prior laws has been

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assessed or paid for such preceding calendar year or calendar quarter, the value of such gift made in such preceding calendar year or calendar quarter shall, for purposes of computing the tax under this chapter for any calendar quarter, be the value of such gift which was used in computing the tax for the last preceding calendar year or calendar quarter, for which a tax under this chapter or under corresponding provisions of prior laws was assessed or paid.

"(d) Net Gifts.-The term 'net gifts' as used in corresponding provisions of prior laws shall be read as ‘taxable gifts' for purposes of this chapter. (b) Amendments to Subchapter B of Chapter 12.

(1) Section 2512.–Subsection (b) of section 2512 (relating to valuation of gifts) is amended by deleting “calendar year” and inserting in lieu thereof "calendar quarter”. (2) Section 2513.—

(A) Section 2513 (relating to gifts by husband or wife to third party) is amended by deleting "calendar year” each place it appears and inserting in lieu thereof “calendar quarter".

(B) Subparagraph (A) of subsection (b) (2) of section 2513 is amended to read as follows:

"(A) the consent may not be signified after the last day of the first month following the close of such calendar quarter, unless before such last day no return has been filed for such calendar quarter by either spouse, in which case the consent may not be signified after a return for such calendar quarter is filed by either spouse;".

(C) Subparagraph (B) of subsection (b)(2) of section 2513 is amended by deleting "such year" and inserting in lieu thereof "such calendar quarter”. (D) Subsection (c) of section 2513 is amended

(i) by deleting “15th day of April following the close of such year” and inserting in lieu thereof "last day of the first month following the close of such calendar quarter", and

(ii) by deleting "such 15th day” each place it appears and inserting in lieu thereof “such last day”. (E) Subsection (d) of section 2513 is amended by deleting "such year” and inserting in lieu thereof "such calendar

quarter". (3) Section 2515.–Subsection. (c) of section 2515 (relating to tenancies by the entirety) is amended by deleting “calendar

year" and inserting in lieu thereof "calendar quarter". (c) Amendments to Subchapter C of Chapter 12.

(1) Section 2521.--Section 2521 (relating to specific exemption) is amended to read as follows: "SEC. 2521. SPECIFIC EXEMPTION.

computing taxable gifts for a calendar quarter, there shall be allowed as a deduction in the case of a citizen or resident an exemption of $30,000, less the aggregate of the amounts claimed and allowed as a specific exemption in the computation of gift taxes for the calendar year 1932 and all calendar years and calendar quarters intervening between that calendar year and the calendar quarter for which the

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tax is being computed under the laws applicable to such years or calendar quarters.

(2) Section 2522.-Section 2522 (relating to charitable and similar gifts) is amended by deleting "year" each place it appears and inserting in lieu thereof "quarter”.

(3) Section 2523.-Subsection (a) of section 2523 (relating to gifts to a spouse) is amended by deleting "year" each place it

appears and inserting in lieu thereof “quarter". (d) Miscellaneous Amendments.

(1) Paragraph (2) of subsection (d) of section 1015 (relating to increased basis for gift tax paid) is amended

(A) by deleting calendar year” the first time it appears therein and inserting in lieu thereof "calendar quarter (or calendar year if the gift was made before January 1, 1971)”, and

(B) by deleting "calendar year" every other place it appears therein and inserting in lieu thereof "calendar quarter

or year".
(2) Section 2012.-

(A) Paragraph (1) of subsection (b) of section 2012 (relating to credit for gift tax) and paragraph (1) of subsection (d) of such section are each amended by deleting "the year” and inserting in lieu thereof “the calendar quarter (or calendar year if the gift was made before January 1, 1971)”.

(B) Subsection (d) of section 2012 is amended by deleting "such year” each place it appears therein and inserting in

lieu thereof "such quarter or year”. (3) Section 6019 (relating to gift tax returns) is amended by deleting "year" each place it appears and inserting in lieu thereof "quarter".

(4) Subsection (b) of section 6075 (relating to time for filing gift tax returns) is amended to read as follows: "(b) Gift Tax Returns.-Returns made under section 6019 (relating to gift taxes) shall be filed on or before the last day of the first month following the close of the calendar quarter."

(5) Paragraph (1) of subsection (c) of section 6212 (relating to notice of deficiency) is amended by deleting "calendar year" and inserting in lieu thereof "calendar quarter".

(6) Subsection (b) of section 6214 (relating to determination by Tax Court) is amended to read as follows: "(b) Jurisdiction Over Other Years or Quarters.—The Tax Court in redetermining a deficiency of income tax for any taxable year or of gift tax for any calendar year or calendar quarter shall consider such facts with relation to the taxes for other years or calendar quarters as may be necessary correctly to redetermine the amount of such deficiency, but in so doing shall have no jurisdiction to determine whether or not the tax for any other year or calendar quarter has been overpaid or underpaid."

(7) Subsection (b) of section 6324 (relating to lien for gift tax) is amended by deleting "calendar year' and inserting in lieu thereof “period for which the return was filed”.

(8) Paragraph (2) of section 6501 (e) (relating to limitations on assessment and collection) is amended by deleting "during

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the year” and inserting in lieu thereof “during the period for which the return was filed”.

(9) Section 6512 (relating to limitations in case of, petition to Tax Court) is amended by deleting "the same calendar year" each place it appears therein and inserting in lieu thereof "the

same calendar year or calendar quarter". (e) Effective Date.—The amendments made by this section shall be effective with regard to gifts made after December 31, 1970. SEC. 3. ESTIMATED ESTATE TAX. (a) Declaration of Estimated Estate Tax.

(1) Subpart D of part II of subchapter A of chapter 61 (relating to information and returns) is amended by adding at the end

thereof the following new section: "SEC. 6022. DECLARATION OF ESTIMATED ESTATE TAX.

“(a) Requirement of Declaration by Executor.-In all cases where the value of the gross estate, as defined in section 2031 or section 2103, at the death of every decedent, whether citizen, resident, or nonresident not a citizen of the United States exceeds $150,000, the executor as defined in section 2203, shall make a declaration of the estimated estate tax for the estate of the decedent.

"(b) Estimated Estate Tax.-For purposes of this title, the term "estimated estate tax” means the amount which the executor estimates as the amount of estate tax which would be imposed under chapter 11 on the transfer of the taxable estate of the decedent if section 2032 (relating to alternate valuation) had not been enacted.

"(c) Contents of Declaratio.—The declaration shall contain such pertinent information as the Secretary or his delegate may by forms or regulations prescribe.

"(d) Requirement of Declaration by Beneficiaries.-If the executor is unable to make a complete declaration, as required by subparagraph (a), as to any part of the gross estate of the decedent, he shall include in his declaration a description of such part and the name of every person holding a legal or beneficial interest therein. Upon notice from the Secretary or his delegate such person shall in like manner make a declaration as to such part of the gross estate.”.

(2) The table of sections for subpart D of part II of subchapter A of chapter 61 is amended by adding at the end thereof the following: "Sec. 6022. Declaration of estimated estate tax." (b) Time for Filing.

(1) Part V of subchapter A of chapter 61 is amended by adding

at the end thereof the following new section: "SEC. 6077. TIME FOR FILING DECLARATIONS OF ESTI.

MATED TAX. “Declarations of estimated estate tax required by section 6022 shall be filed within 7 months after the date of the decedent's death if the estate tax return required under section 6018 has not been filed prior to such date."

(2) The table of sections for part V of subchapter A of chapter 16 is amended by adding at the end thereof the following:

“Sec. 6077. Time for filing declarations of estimated estate tax." (c) Payment of Estimated Estate Tax.

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