§2521 — Repealed. Pub. L. 94–455, title XX, § 2001(b)(3), Oct. 4, 1976, 90 Stat. 1849]

14 cases·1 criticized·13 cited

Statute Text — 26 U.S.C. §2521

[§ 2521. Repealed. Pub. L. 94–455, title XX, § 2001(b)(3), Oct. 4, 1976, 90 Stat. 1849] Section, act Aug. 16, 1954, ch. 736, 68A Stat. 410, allowed a deduction, in the case of a citizen or resident, an exemption of $30,000, less amounts claimed and allowed for calendar year 1932 and calendar years intervening between that year and year for which tax is being computed.

Treasury Regulations

Treas. Reg. §Treas. Reg. §25.2521-1 Specific exemption
Treas. Reg. §Treas. Reg. §25.2521-1(a) In determining the amount of taxable gifts for the calendar quarter (calendar year with respect to gifts made before January 1, 1971) there may be deducted, if the donor was a resident or citizen of the United States at the time the gifts were made, a specific exemption of $30,000, less the sum of the amounts claimed and allowed as an exemption in prior calendar quarters or calendar years.
Treas. Reg. §Treas. Reg. §25.2521-1(b) No part of a donor's lifetime specific exemption of $30,000 may be deducted from the value of a gift attributable to his spouse where a husband and wife consent, under the provisions of section 2513, to have the gifts made during a calendar quarter or calendar year considered as made one-half by each of them.
Treas. Reg. §Treas. Reg. §25.2521-1(c) §25.2521-1(c)

14 Citing Cases

Norair v. Commissioner 65 T.C. 942 · 1976

Estate of DiMarco v. Commissioner 87 T.C. 653 · 1986

Hollingsworth v. Commissioner 86 T.C. 91 · 1986

Estate of Lidbury v. Commissioner 84 T.C. 146 · 1985

Estate of Gawne v. Commissioner 80 T.C. 478 · 1983

Estate of Burghardt v. Commissioner 80 T.C. 705 · 1983

Carson v. Commissioner 71 T.C. 252 · 1978

Estate of Simmie v. Commissioner 69 T.C. 890 · 1978

Touche v. Commissioner 58 T.C. 565 · 1972

Estate of Campbell v. Commissioner 59 T.C. 133 · 1972

Davis v. Commissioner 55 T.C. 416 · 1970

Messing v. Commissioner 48 T.C. 502 · 1967

Orquera v. Ashcroft · Cir.

Ariel Osvalod Orquera Aldo Agustin Orquera Gladis Mabel Orquera Ariadna Brenda Orquera v. John Ashcroft, Attorney General 357 F.3d 413 · Cir.