26 U.S.C. § 2502
§ 2502. Rate of tax
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed December 17, 2010 by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.
Every change, newest first (7)
- December 17, 2010Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010
- June 7, 2001Economic Growth and Tax Relief Reconciliation Act of 2001
- December 22, 1987Omnibus Budget Reconciliation Act of 1987
- August 13, 1981Economic Recovery Tax Act of 1981
- October 4, 1976Tax Reform Act of 1976
- December 31, 1970Public Law 91-614
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
The tax imposed by section 2501 for each calendar year shall be an amount equal to the excess of—
a tentative tax, computed under section 2001(c), on the aggregate sum of the taxable gifts for such calendar year and for each of the preceding calendar periods, over
a tentative tax, computed under such section, on the aggregate sum of the taxable gifts for each of the preceding calendar periods.
Whenever used in this title in connection with the gift tax imposed by this chapter, the term “preceding calendar period” means—
calendar years 1932 and 1970 and all calendar years intervening between calendar year 1932 and calendar year 1970,
the first calendar quarter of calendar year 1971 and all calendar quarters intervening between such calendar quarter and the first calendar quarter of calendar year 1982, and
all calendar years after 1981 and before the calendar year for which the tax is being computed.
For purposes of paragraph (1), the term “calendar year 1932” includes only that portion of such year after June 6, 1932.
The tax imposed by section 2501 shall be paid by the donor.