§2031. Definition of gross estate — Inbound Citations
26 U.S.C. § 2031
Cited by 9 provisions in release 119-102.
Citations to 26 U.S.C. § 2031 as a whole
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For the purpose of the tax imposed by section 2101, the value of the gross estate of every decedent nonresident not a citizen of the United States shall be that part of his gross estate (determined as provided in section 2031) which at the time of his death is situated in the United States.
Citations to §2031(c)
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(4) to the extent of the applicability of the exclusion described in section 2031(c), the basis in the hands of the decedent.
Citations to §2031(c)(2)
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(i) The amount of the increase under subparagraph (A) shall not exceed the applicable percentage of the excess (if any) of—(I) the value (determined as of the date of the taxable event) of all equity interests in the entity which are junior to the applicable retained interest, over(II) the value of such interests (determined as of the date of the transfer to which subsection (a)(1) applied).
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(ii) For purposes of clause (i), the applicable percentage is the percentage determined by dividing—(I) the number of shares in the corporation held (as of the date of the taxable event) by the transferor which are applicable retained interests of the same class, by(II) the total number of shares in such corporation (as of such date) which are of the same class as the class described in subclause (I).
Citations to §2031(c)(8)(D)
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(1) For purposes of this section, the term “qualified real property” means real property located in the United States which was acquired from or passed from the decedent to a qualified heir of the decedent and which, on the date of the decedent’s death, was being used for a qualified use by the decedent or a member of the decedent’s family, but only if—(A) 50 percent or more of the adjusted value of the gross estate consists of the adjusted value of real or personal property which—(i) on the date of the decedent’s death, was being used for a qualified use by the decedent or a member of the decedent’s family, and(ii) was acquired from or passed from the decedent to a qualified heir of the decedent.(B) 25 percent or more of the adjusted value of the gross estate consists of the adjusted value of real property which meets the requirements of subparagraphs (A)(ii) and (C),(C) during the 8-year period ending on the date of the decedent’s death there have been periods aggregating 5 years or more during which—(i) such real property was owned by the decedent or a member of the decedent’s family and used for a qualified use by the decedent or a member of the decedent’s family, and(ii) there was material participation by the decedent or a member of the decedent’s family in the operation of the farm or other business, and(D) such real property is designated in the agreement referred to in subsection (d)(2).
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(i) on the date of the decedent’s death, was being used for a qualified use by the decedent or a member of the decedent’s family, and
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(i) such real property was owned by the decedent or a member of the decedent’s family and used for a qualified use by the decedent or a member of the decedent’s family, and
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(ii) there was material participation by the decedent or a member of the decedent’s family in the operation of the farm or other business, and
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(1) The term “qualified heir” means, with respect to any property, a member of the decedent’s family who acquired such property (or to whom such property passed) from the decedent. If a qualified heir disposes of any interest in qualified real property to any member of his family, such member shall thereafter be treated as the qualified heir with respect to such interest.