§ 273 - Holders of life or terminable interest

CHAPTER 1— NORMAL TAXES AND SURTAXES › Subchapter B— Computation of Taxable Income

Amounts paid under the laws of a State, the District of Columbia, a possession of the United States, or a foreign country as income to the holder of a life or terminable interest acquired by gift, bequest, or inheritance shall not be reduced or diminished by any deduction for shrinkage (by whatever name called) in the value of such interest due to the lapse of time.

Notes

Editorial Notes

Amendments

1976—Pub. L. 94–455 struck out reference to amounts paid under laws of a Territory.

Statutory Notes and Related Subsidiaries

Effective Date of 1976 Amendment

Amendment by Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.