§2057 — Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(97)(A), Dec. 19, 2014, 128 Stat. 4051]
11 cases·3 followed·1 distinguished·1 criticized·1 overruled·5 cited—27% support
Statute Text — 26 U.S.C. §2057
[§ 2057. Repealed. Pub. L. 113–295, div. A, title II, § 221(a)(97)(A), Dec. 19, 2014, 128 Stat. 4051] Section, added Pub. L. 105–34, title V, § 502(a), Aug. 5, 1997, 111 Stat. 847, § 2033A; renumbered § 2057 and amended Pub. L. 105–206, title VI, § 6007(b)(1)(A)–(D), (2)–(7), July 22, 1998, 112 Stat. 807–809; Pub. L. 107–16, title V, § 521(d), June 7, 2001, 115 Stat. 72; Pub. L. 108–311, title II, § 207(23), Oct. 4, 2004, 118 Stat. 1178, related to deduction for qualified family-owned business interests of a decedent. A prior section 2057, added Pub. L. 99–514, title XI, § 1172(a), Oct. 22, 1986, 100 Stat. 2513; amended Pub. L. 100–203, title X, §§ 10411(a), 10412(a), Dec. 22, 1987, 101 Stat. 1330–432, 1330–433; Pub. L. 100–647, title I, § 1011B(g)(3), Nov. 10, 1988, 102 Stat. 3490, related to sales of employer securities to employee stock ownership plans or worker-owned cooperatives, prior to repeal by Pub. L. 101–239, title VII, § 7304(a)(1), (3), Dec. 19, 1989, 103 Stat. 2352, 2353, applicable to estates of decedents dying after Dec. 19, 1989. Another prior section 2057, added Pub. L. 94–455, title XX, § 2007(a), Oct. 4, 1976, 90 Stat. 1890; amended Pub. L. 95–600, title VII, § 702(l)(1), (2), Nov. 6, 1978, 92 Stat. 2934, 2935, related to bequests, etc., to certain minor children, prior to repeal by Pub. L. 97–34, title IV, § 427(a), (c), Aug. 13, 1981, 95 Stat. 3181, applicable to estates of decedents dying after Dec. 31, 1981. Statutory Notes and Related Subsidiaries Effective Date of RepealRepeal effective Dec. 19, 2014, subject to a savings provision, see section 221(b) of Pub. L. 113–295, set out as an Effective Date of 2014 Amendment note under section 1 of this title.
11 Citing Cases
- 2 - decision is whether the estate is entitled to the family-owned business deduction under section 2057.2 In response to an argument respondent made in his opening brief, the estate has conceded that it cannot prevail under the statute because it fails to meet one of the substantive requirements necessary to obtain the deduction.
The question is whether, for purposes of the liquidity test of section 2057(b)(1)(C), decedent's loans to an entity owned by her and two of her children and carrying on a trade or business are to be'treated as interests in that entity .
For purposes ofthis Section, death taxes shall not include any additional estate tax imposed by Section 2031(c)(5)(C), Section 2032A(c) or Section 2057(f) ofthe Internal Revenue Code or any other comparable recapture tax imposed by any taxing authority.
On behalf of the DBF and LLF Estates, there were timely filed Federal estate tax returns on which were claimed qualified family-owned business interest (QFOBI) deductions under section 2057 of $625,000 and $675,000, respectively .
On behalf of the DBF and LLF Estates, there were timely filed Federal estate tax returns on which were claimed qualified family-owned business interest (qfobi) deductions under section 2057 of $625,000 and $675,000, respectively.
The executor intends to make an election under - 16 - Section 2057 [sic] (b)(7)(B)(v), but cannot, at this time, determine which portion of the estate is to be treated as "qualified terminable interest property." Along with the application for an extension of time to file, petitioner's attorney sent a payment of estate tax in the amount of $156,424 and requested an extension of time to pay any additio