26 U.S.C. § 1040
Transfer of certain farm, etc., real property
United States · Title 26 — INTERNAL REVENUE CODE · Status: effective
Cite this
- Citation
- 26 U.S.C. § 1040, Transfer of certain farm, etc., real property, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/462900
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Full text
If the executor of the estate of any decedent transfers to a qualified heir (within the meaning of section 2032A(e)(1)) any property with respect to which an election was made under section 2032A, then gain on such transfer shall be recognized to the estate only to the extent that, on the date of such transfer, the fair market value of such property exceeds the value of such property for purposes of chapter 11 (determined without regard to section 2032A).
To the extent provided in regulations prescribed by the Secretary, a rule similar to the rule provided in subsection (a) shall apply where the trustee of a trust (any portion of which is included in the gross estate of the decedent) transfers property with respect to which an election was made under section 2032A.
The basis of property acquired in a transfer with respect to which gain realized is not recognized by reason of subsection (a) or (b) shall be the basis of such property immediately before the transfer increased by the amount of the gain recognized to the estate or trust on the transfer.
Legislative history
The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.
- Tax Reform Act of 1976House: no recorded tallySenate: no recorded tally
- Revenue Act of 1978House: no recorded tallySenate: no recorded tally
- Technical Corrections Act of 1979House: no recorded tallySenate: no recorded tally
- Crude Oil Windfall Profit Tax Act of 1980House: no recorded tallySenate: no recorded tally
- Economic Recovery Tax Act of 1981House: no recorded tallySenate: no recorded tally
- Technical Corrections Act of 1982House: no recorded tallySenate: no recorded tally
- Economic Growth and Tax Relief Reconciliation Act of 2001
- Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010House: 277–148Senate: no recorded tally