§ 1040. Transfer of certain farm, etc., real property
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/usc/title-26/section-1040A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General rule If the executor of the estate of any decedent transfers to a qualified heir (within the meaning of section 2032A(e)(1)) any property with respect to which an election was made under section 2032A, then gain on such transfer shall be recognized to the estate only to the extent that, on the date of such transfer, the fair market value of such property exceeds the value of such property for purposes of chapter 11 (determined without regard to section 2032A).
(b)Similar rule for certain trusts To the extent provided in regulations prescribed by the Secretary, a rule similar to the rule provided in subsection
(a)shall apply where the trustee of a trust (any portion of which is included in the gross estate of the decedent) transfers property with respect to which an election was made under section 2032A.
(c)Basis of property acquired in transfer described in subsection
(a)or
(b)The basis of property acquired in a transfer with respect to which gain realized is not recognized by reason of subsection
(a)or
(b)shall be the basis of such property immediately before the transfer increased by the amount of the gain recognized to the estate or trust on the transfer.
(Added Pub. L. 94–455, title XX, § 2005(b), Oct. 4, 1976, 90 Stat. 1877; amended Pub. L. 95–600, title VII, § 702(d)(3), Nov. 6, 1978, 92 Stat. 2929; Pub. L. 96–222, title I, § 105(a)(5)(A), Apr. 1, 1980, 94 Stat. 219; Pub. L. 96–223, title IV, § 401(c)(2)(A), Apr. 2, 1980, 94 Stat. 300; Pub. L. 97–34, title IV, § 421(j)(2)(B), Aug. 13, 1981, 95 Stat. 312; Pub. L. 97–448, title I, § 104(b)(3)(A), (B), Jan. 12, 1983, 96 Stat. 2381; Pub. L. 107–16, title V, § 542(d)(1), June 7, 2001, 115 Stat. 84; Pub. L. 111–312, title III, § 301(a), Dec. 17, 2010, 124 Stat. 3300.)
Connections24 cite this · traces to 5
Cited by 24 sections · top 20
statutes-at-large
- Public Law 66
- Public Law 78
- Public Law 396
- Public Law 450
- Public Law 65
- Public Law 186
- Public Law 454
- Public Law 415
- Public Law 97–448To make technical corrections in the Economic Recovery Tax Act of 1981 and certain other recent tax legislation
- Public Law 403
- Public Law 347
- Public Law 308
- Public Law 96–222To make technical corrections related to the Revenue Act of 1978
- Public Law 186
- Public Law 96–223To impose a windfall profit tax on domestic crude oil, and for other purposes
- Public Law 453
- Public Law 95–600To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes
- Public Law 77
- Public Law 94–455To reform the tax laws of the United States
37 references not yet in our index
- Pub. L. 94–455, title XX, § 2005(b)
- 90 Stat. 1877
- Pub. L. 95–600, title VII, § 702(d)(3)
- 92 Stat. 2929
- Pub. L. 96–222, title I, § 105(a)(5)(A)
- 94 Stat. 219
- Pub. L. 96–223, title IV, § 401(c)(2)(A)
- 94 Stat. 300
- Pub. L. 97–34, title IV, § 421(j)(2)(B)
- 95 Stat. 312
- Pub. L. 97–448, title I, § 104(b)(3)(A)
- 96 Stat. 2381
- Pub. L. 107–16, title V, § 542(d)(1)
- 115 Stat. 84
- Pub. L. 111–312, title III, § 301(a)
- 124 Stat. 3300
- Pub. L. 111–312
- Pub. L. 107–16, § 542(d)(1)
- Pub. L. 97–448, § 104(b)(3)(A)
- Pub. L. 97–448, § 104(b)(3)(B)
- Pub. L. 97–34
- Pub. L. 96–223
- Pub. L. 96–222
- Pub. L. 95–600
- section 301(e) of Pub. L. 111–312
- Pub. L. 107–16
- section 542(f)(1) of Pub. L. 107–16
- Pub. L. 97–448
- section 109 of Pub. L. 97–448
- section 421(k)(5) of Pub. L. 97–34
- section 401(e) of Pub. L. 96–223
- Pub. L. 96–222, title I, § 105(a)(5)(B)
- Pub. L. 99–514, § 2
- 100 Stat. 2095
- section 515 of Pub. L. 95–600
- section 702(d)(6) of Pub. L. 95–600
- section 2005(f)(1) of Pub. L. 94–455
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cites case law
§ 1040
Transfer of certain farm, etc., real property
Stat.×22
U.S.C.×2
Pub. L.Pub. L. 94–455, title XX, § 2005(b)
Stat.90 Stat. 1877
Pub. L.Pub. L. 95–600, title VII, § 702(d)(3)
Stat.92 Stat. 2929
Pub. L.Pub. L. 96–222, title I, § 105(a)(5)(A)
Cites 42 · showing 10Cited by 24 across 2 sources