- 5 -
decedent’s gross estate. Sec. 2057(a)(2). Several requirements
must be met either before death or at the time of death for
interests in a business to be eligible for the section 2057
deduction. Section 2057(b)(1) sets forth requirements necessary
to obtain the deduction:
SEC. 2057(b). Estates to Which Section Applies.--
(1) In general.--This section shall apply to an
estate if--
(A) the decedent was (at the date of the
decedent's death) a citizen or resident of
the United States,
(B) the executor elects the application
of this section and files the agreement
referred to in subsection (h),
(C) the sum of–
(i) the adjusted value of the
qualified family-owned business
interests described in paragraph
(2), plus
(ii) the amount of the gifts
of such interests determined under
paragraph (3),
exceeds 50 percent of the adjusted gross estate, and
(D) 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 interests were owned
by the decedent or a member of the
decedent's family, and
(ii) there was material
participation (within the meaning
of section 2032A(e)(6)) by the
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011