§2505. Unified credit against gift tax — Inbound Citations
26 U.S.C. § 2505
Cited by 5 provisions in release 119-102.
Citations to 26 U.S.C. § 2505 as a whole
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(B) the credit allowed against such tax under section 2505, including in computing—(i) the applicable credit amount under section 2505(a)(1), and(ii) the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2).
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(ii) to treat any reduction in the tax imposed by paragraph (1)(A) by reason of the credit allowable under section 2010 with respect to the decedent as a credit allowable to such surviving spouse under section 2505 for purposes of determining the amount of the credit allowable under section 2505 with respect to taxable gifts made by the surviving spouse during the year in which the spouse becomes a citizen or any subsequent year,
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(B) If a credit has been allowed under section 2505 with respect to any gift made by the decedent, each dollar amount contained in paragraph (1) or (2) or subparagraph (A) of this paragraph (whichever applies) shall be reduced by the amount so allowed.
Citations to §2505(a)(1)
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(i) the applicable credit amount under section 2505(a)(1), and
Citations to §2505(a)(2)
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(ii) the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2).