Amended 2001, 2002, 2010
- 2010 Pub. L. 111-312 Pub. L. 111–312 struck out subsec. (c). Text read as follows: “Notwithstanding any other provision of this section and except as provided in regulations, a transfer in trust shall be treated as a transfer of property by gift, unless the trust is treated as wholly owned by the donor or the donor’s spouse under subpart E of part I of subchapter J of chapter 1.”
- 2002 Pub. L. 107-147 Pub. L. 107–147 substituted “transfer of property by gift,” for “taxable gift under section 2503,”.
- 2001 Pub. L. 107-16 Pub. L. 107–16 added subsec. (c).
Cases: Poinier v. Commissioner, 86 T.C. 478 (1986)
Final rules 3
(a) Scope Subject to the limitations contained in this chapter, the tax imposed by section 2501 shall apply whether the transfer is in trust or otherwise, whether the gift is direct or indirect, and whether the property is real or personal, tangible or intangible; but in the case of a nonresident not a citizen of the United States, shall apply to a transfer only if the property is situated within the United States.
(b) Intangible property For purposes of this chapter, in the case of a nonresident not a citizen of the United States who is excepted from the application of section 2501(a)(2)—
Amended 1966
- 1966 Pub. L. 89-809 Pub. L. 89–809 inserted reference to nonresidents who are excepted from the application of section 2501(a)(2) and expanded section to include debt obligations of United States persons or the United States, a State or any political subdivision thereof, or the District of Columbia.
(1) shares of stock issued by a domestic corporation, and
(2) debt obligations of—
(A) a United States person, or
(B) the United States, a State or any political subdivision thereof, or the District of Columbia,
which are owned and held by such nonresident shall be deemed to be property situated within the United States.