26 U.S.C. § 2001: Imposition and rate of tax

A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States. the amount of the taxable estate, and the amount of the adjusted taxable gifts, over the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after December 31, 1976 , if the modifications described in subsection (g) had been applicable at the time of such gifts. If the amount with respect to which the tentative tax to be computed is: The tentative tax is: Not over $10,000 18 percent of such amount. Over $10,000 but not over $20,000 $1,800, plus 20 percent of the excess of such amount over $10,000. Over $20,000 but not over $40,000 $3,800, plus 22 percent of the excess of such amount over $20,000. Over $40,000 but not over $60,000 $8,200 plus 24 percent of the excess of such amount over $40,000. Over $60,000 but not over $80,000 $13,000, plus 26 percent of the excess of such amount over $60,000. Over $80,000 but not over $100,000 $18,200, plus 28 percent of the excess of such amount over $80,000. Over $100,000 but not over $150,000 $23,800, plus 30 percent of the excess of such amount over $100,000. Over $150,000 but not over $250,000 $38,800, plus 32 percent of the excess of such amount over $150,000. Over $250,000 but not over $500,000 $70,800, plus 34 percent of the excess of such amount over $250,000. Over $500,000 but not over $750,000 $155,800, plus 37 percent of the excess of such amount over $500,000. Over $750,000 but not over $1,000,000 $248,300, plus 39 percent of the excess of such amount over $750,000. Over $1,000,000 $345,800, plus 40 percent of the excess of such amount over $1,000,000. the decedent was the donor of any gift one-half of which was considered under section 2513 as made by the decedent’s spouse, and the amount of such gift is includible in the gross estate of the decedent, the decedent’s spouse was the donor of any gift one-half of which was considered under section 2513 as made by the decedent, and the amount of such gift is includible in the gross estate of the decedent’s spouse by reason of section 2035, the transfer of property by gift made during a preceding calendar period (as defined in section 2502(b)); or an increase in taxable gifts required under section 2701(d), the value is shown on a return under such chapter and such value is not contested by the Secretary before the expiration of the time referred to in paragraph (1) with respect to such return; in a case not described in subparagraph (A), the value is specified by the Secretary and such value is not timely contested by the taxpayer; or the value is determined by a court or pursuant to a settlement agreement with the Secretary. the tax imposed by chapter 12 with respect to such gifts, and the applicable credit amount under section 2505(a)(1), and the sum of the amounts allowed as a credit for all preceding periods under section 2505(a)(2). the basic exclusion amount under section 2010(c)(3) applicable at the time of the decedent’s death, and the basic exclusion amount under such section applicable with respect to any gifts made by the decedent. Except as otherwise provided by in this paragraph, the amendments made by this subsection [amending this section and section 2010 of this title ] shall apply to estates of decedents dying, generation-skipping transfers, and gifts made, after December 31, 2012 . The amendment made by paragraph (2) [amending section 2010 of this title ] shall take effect as if included in the amendments made by section 303 of the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 [ Pub. L. 111–312 ].” The amendments made by subsections (a) and (b) [amending this section] shall apply to estates of decedents dying, and gifts made, after December 31, 2001 . The amendment made by subsection (c) [amending this section] shall apply to estates of decedents dying, and gifts made, after December 31, 2002 .” Nothing in any provision of law exempting any property (or interest therein) from taxation shall exempt the transfer of such property (or interest therein) from Federal estate, gift, and generation-skipping transfer taxes. In the case of any provision of law enacted after the date of the enactment of this Act [ July 18, 1984 ], such provision shall not be treated as exempting the transfer of property from Federal estate, gift, and generation-skipping transfer taxes unless it refers to the appropriate provisions of the Internal Revenue Code of 1986 [formerly I.R.C. 1954]. The provisions of subsection (a) shall apply to the estates of decedents dying, gifts made, and transfers made on or after June 19, 1984 . The provisions of subsection (a) shall also apply in the case of any transfer of property (or interest therein) if at any time there was filed an estate or gift tax return showing such transfer as subject to Federal estate or gift tax. No inference shall arise from paragraphs (1) and (2) that any transfer of property (or interest therein) before June 19, 1984 , is exempt from Federal estate and gift taxes.” With respect to transfers of public housing bonds occurring after December 31, 1983 , and before June 19, 1984 , the taxpayer shall report the date and amount of such transfer and such other information as the Secretary of the Treasury or his delegate shall prescribe by regulations to allow the determination of the tax and interest due if it is ultimately determined that such transfers are subject to estate, gift, or generation-skipping tax. Any taxpayer failing to provide the information required by subsection (a) shall be liable for a penalty equal to 25 percent of the excess of (1) the estate, gift, or generation-skipping tax that is payable assuming that such transfers are subject to tax, over (2) the tax payable assuming such transfers are not so subject.”