General rule
ProvidedProvided furtherThe value of the gross estate shall include the value of all property to the extent of the interest therein held as joint tenants with right of survivorship by the decedent and any other person, or as tenants by the entirety by the decedent and spouse, or deposited, with any person carrying on the banking business, in their joint names and payable to either or the survivor, except such part thereof as may be shown to have originally belonged to such other person and never to have been received or acquired by the latter from the decedent for less than an adequate and full consideration in money or money’s worth: , That where such property or any part thereof, or part of the consideration with which such property was acquired, is shown to have been at any time acquired by such other person from the decedent for less than an adequate and full consideration in money or money’s worth, there shall be excepted only such part of the value of such property as is proportionate to the consideration furnished by such other person: , That where any property has been acquired by gift, bequest, devise, or inheritance, as a tenancy by the entirety by the decedent and spouse, then to the extent of one-half of the value thereof, or, where so acquired by the decedent and any other person as joint tenants with right of survivorship and their interests are not otherwise specified or fixed by law, then to the extent of the value of a fractional part to be determined by dividing the value of the property by the number of joint tenants with right of survivorship.
Certain joint interests of husband and wife
Interests of spouse excluded from gross estate
Notwithstanding subsection (a), in the case of any qualified joint interest, the value included in the gross estate with respect to such interest by reason of this section is one-half of the value of such qualified joint interest.
Qualified joint interest defined
Aug. 16, 1954, ch. 73668A Stat. 385Pub. L. 87–834, § 18(a)(2)(G)76 Stat. 1052Pub. L. 94–455, title XX, § 2002(c)(1)90 Stat. 1855Pub. L. 95–600, title V, § 511(a)92 Stat. 2881Pub. L. 96–222, title I, § 105(a)(3)94 Stat. 218Pub. L. 97–34, title IV, § 403(c)(1)95 Stat. 301(, ; , , ; , (3), , , 1856; , title VII, § 702(k)(2), , , 2932; , , ; –(3)(A), , , 302.)
Editorial Notes
Amendments
Pub. L. 97–34, § 403(c)(2)1981—Subsec. (a). , substituted “joint tenants with right of survivorship” for “joint tenants” in three places.
Pub. L. 97–34, § 403(c)(1)Subsec. (b)(2). , in redefining “qualified joint interest” substituted provision defining term as meaning any interest in property held by the decedent and the decedent’s spouse as tenants by the entirety, or joint tenants with right of survivorship, but only if the decedent and the spouse of the decedent are the only joint tenants for provision defining the term as meaning any interest in property held by the decedent and the decedent’s spouse as joint tenants or as tenants by the entirety, but only if such joint interest was created by the decedent, the decedent’s spouse, or both, in the case of personal property, the creation of such joint interest constituted in whole or in part a gift for purposes of chapter 12, or in the case of real property, an election under section 2515 applies with respect to the creation of such joint interest, and in the case of a joint tenancy, only the decedent and the decedent’s spouse are joint tenants.
Pub. L. 97–34, § 403(c)(3)(A)Subsecs. (c) to (e). , repealed subsec. (c) respecting value where spouse of decedent materially participated in farm or other business, subsec. (d) relating to joint interests of husband and wife created before 1977, and subsec. (e) covering treatment of certain post-1976 terminations.
Pub. L. 96–222, § 105(a)(3)(B)1980—Subsec. (c)(1). , substituted “subsection (a)” for “subsections (a)”.
Pub. L. 96–222, § 105(a)(3)(A)Subsec. (c)(2)(C). , added subpar. (C).
Pub. L. 95–600, § 511(a)1978—Subsec. (c). , added subsec. (c).
Pub. L. 95–600, § 702(k)(2)Subsecs. (d), (e). , added subsecs. (d) and (e).
Pub. L. 94–4551976— designated existing provisions as subsec. (a), added heading for subsec. (a), and added subsec. (b).
Pub. L. 87–8341962— struck out provisions which excepted real property outside of the United States.
Statutory Notes and Related Subsidiaries
Effective Date of 1981 Amendment
Pub. L. 97–34section 403(e) of Pub. L. 97–34section 2056 of this titleAmendment by applicable to estates of decedents dying after , see , set out as a note under .
Effective Date of 1980 Amendment
Pub. L. 96–222Pub. L. 95–600section 201 of Pub. L. 96–222section 32 of this titleAmendment by effective, except as otherwise provided, as if it had been included in the provisions of the Revenue Act of 1978, , to which such amendment relates, see , set out as a note under .
Effective Date of 1978 Amendment
Pub. L. 95–600, title V, § 511(b)92 Stat. 2882
Effective Date of 1976 Amendment
Pub. L. 94–455, title XX, § 2002(d)(3)90 Stat. 1856
Effective Date of 1962 Amendment
Pub. L. 87–834section 18(b) of Pub. L. 87–834section 2031 of this titleAmendment by applicable to estates of decedents dying after , except as otherwise provided, see , set out as a note under .
Consideration Given Before by Decedent to Noncitizen Spouse Treated as Originally Belonging to Spouse
Pub. L. 101–239, title VII, § 7815(d)(16)103 Stat. 2419Pub. L. 101–508, title XI, § 11701l104 Stat. 1388–513