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PUBLIC LAW 91-614-DEC. 31, 1970
[84 STAT.
Public Law 91-614 December 31, 1970 ^'^ ACT [H.R. 16199] To establish a working capital fund for the Department of the Treasury; to amend the Internal Revenue Code of 1954 to accelerate the collection of estate and gift taxes, to continue excise taxes on passenger automobiles and communications services; and for other purposes.
Excise, Estate, TusSint Actf^f* ^^^°*
68A Stat. 3.
Be it enacted by the /Senate and House of Representatives United States of America in Congress assembled, SECTION 1. SHORT TITLE, ETC.
of the
(a) SHORT TITLE.—This Act may be cited as the "Excise, Estate,
and Gift Tax Adjustment Act of 1970". (b) Wherever in this Act an amendment is expressed in terms of an amendment to a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1954,
26 USC 1.
TITLE I—ESTATE AND GIFT TAXES SEC. 101. ESTATE TAX. (a) ALTERNATE VALUATION.—Section 2032 (relating to alternate valuation) is amended— (1) by striking out "1 year" each place it appears and inserting in lieu thereof "6 months", and (2) by striking out "1-year" and inserting in lieu thereof "6-month". (b) T I M E FOR FILING ESTATE TAX RETURNS.—Section 6075(a)
(relating to time for filing estate tax returns) is amended by striking out "15 months" and inserting in lieu thereof "9 months". (c) CERTAIN REQUESTS SUBJECT TO POWER or APPOINTMENT.—Sec-
70 Stat. 1075.
tion 2055(b)(2)(C) is amended by striking out "one year" and inserting in lieu thereof "6 months". (d) DISCHARGE or FIDUCIARY FROM PERSONAL LIABILITY FOR ESTATE TAX.—
68A Stat. 401.
Post, p. 1838. 7 2 Stat! 1681.
(1) Section 2204 (relating to discharge of executor from personal liability) is amended— (A) by striking out " E X E C U TO R " in the heading of such section and inserting in lieu thereof " F I D U C I A R Y "; (B) by striking out "If the executor" and inserting in lieu thereof " (a) GENERAL RULE.—If the executor"; (C) by amending the last sentence thereof to read as follows: "The executor, on payment of the amount of which he is notified (other than any amount the time for payment of which is extended under section 6161, 6163, or 6166), and on fumishing any bond which may be required for any amount for which the time for payment is extended, shall be discharged from personal liability for any deficiency in tax thereafter found to be due and shall be entitled to a receipt or writing showing such discharge."; and (D) by adding at the end thereof the following new subsection: " (b) FIDUCIARY OTHER T H A N THE EXECUTOR.—If a fiduciary (not
including a fiduciary in respect of the estate of a nonresident decedent) other than the executor makes written application to the Secretary or his delegate for determination of the amount of any estate tax for which the fiduciary may be personally liable, and for discharge from personal liability therefor, the Secretary or his delegate upon the discharge of the executor from personal liability under subsection (a),
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