26 U.S.C. § 2207B
§ 2207B. Right of recovery where decedent retained interest
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Added in 1988 by the Technical and Miscellaneous Revenue Act of 1988. Last changed August 5, 1997 by the Taxpayer Relief Act of 1997.
Every change, newest first (3)
- August 5, 1997Taxpayer Relief Act of 1997
- November 5, 1990Omnibus Budget Reconciliation Act of 1990
- November 10, 1988Technical and Miscellaneous Revenue Act of 1988 · added this section
The law as written
Current through Public Law 119-102. Amendment notes omitted.
Structure
If any part of the gross estate on which tax has been paid consists of the value of property included in the gross estate by reason of section 2036 (relating to transfers with retained life estate), the decedent’s estate shall be entitled to recover from the person receiving the property the amount which bears the same ratio to the total tax under this chapter which has been paid as—
the value of such property, bears to
the taxable estate.
Paragraph (1) shall not apply with respect to any property to the extent that the decedent in his will (or a revocable trust) specifically indicates an intent to waive any right of recovery under this subchapter with respect to such property.
For purposes of this section, if there is more than 1 person receiving the property, the right of recovery shall be against each such person.
In the case of penalties and interest attributable to the additional taxes described in subsection (a), rules similar to the rules of subsections (a) and (b) shall apply.
No person shall be entitled to recover any amount by reason of this section from a trust to which section 664 applies (determined without regard to this section).