[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 168 Introduced in House (IH)]
108th CONGRESS
1st Session
H. R. 168
To permit States to place supplemental guide signs relating to veterans
cemeteries on Federal-aid highways.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 7, 2003
Mr. Reynolds introduced the following bill; which was referred to the
Committee on Transportation and Infrastructure
_______________________________________________________________________
A BILL
To permit States to place supplemental guide signs relating to veterans
cemeteries on Federal-aid highways.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Artists' Estate Tax Fairness Act''.
SEC. 2. EXCLUSION FROM GROSS ESTATE OF VALUE OF CERTAIN WORKS OF
ARTISTIC PROPERTY CREATED BY DECEDENT.
(a) In General.--Section 2031 of the Internal Revenue Code of 1986
(relating to definition of gross estate) is amended by striking
subsection (d) and inserting after subsection (c) the following:
``(d) Works of Artistic Property Created by the Decedent.--
``(1) In general.--If the executor makes the election
described in paragraph (4), there shall be excluded from the
gross estate the value of each qualified work of artistic
property held by the decedent at the time of his death if, by
his personal efforts, the decedent created such qualified work
of artistic property.
``(2) Application.--Paragraph (1) shall not apply unless
the decedent held at the time of his death not less than 50 of
such qualified works of artistic property.
``(3) Qualified work of artistic property.--For purposes of
paragraph (1), the term `qualified work of artistic property'
means a--
``(A) painting,
``(B) drawing,
``(C) sculpture,
``(D) sculpture that is in multiple cast, carved,
or fabricated of 200 or fewer that are consecutively
numbered by the decedent and bear the signature or
other existing mark of the decedent,
``(E) monoprint or monotype that is a unique print
or a print pulled in an edition of 1: a single
impression,
``(F) print that is in a limited edition of not
more than 200 copies that are signed and consecutively
numbered by the decedent, or
``(G) a still photographic image produced for
exhibition purposes only, existing in a single copy
that is signed by the decedent, or in a limited edition
of 200 copies or fewer that are signed and
consecutively numbered by the decedent.
``(4) Election.--The election under this subsection shall
be made on or before the due date (including extensions) for
filing the return of tax imposed by section 2001 and shall be
made on such return.
``(e) Cross References.--
``(1) For executor's right to be
furnished on request a statement regarding any valuation made by the
Secretary within the gross estate, see section 7517.
``(2) For income in respect of a
decedent in the case of works of art of the decedent who created such
property, see section 691.''.
(b) Income in Respect of Decedents.--Subsection (a) of section 691
of such Code (relating to inclusion in gross income of recipients of
income in respect of decedents) is amended by adding at the end the
following new paragraph:
``(6) Certain works of artistic property.--For purposes of
paragraphs (1), (2), and (3), a work of artistic property whose
value was excluded from the gross estate of a decedent under
section 2031(d) shall be treated as a right to receive an item
of income in respect of a decedent.''.
(c) Carryover Basis.--
(1) In general.--Subsection (a) of section 1014 of such
Code (relating to general rule for basis of property acquired
from a decedent) is amended by striking ``or'' at the end of
paragraph (3), by striking the period at the end of paragraph
(4) and inserting ``, or'', and by adding at the end the
following new paragraph:
``(5) in the case of a work of artistic property treated as
a right to receive an item of income in respect of the decedent
under section 691(a)(6), the basis in the hands of the
decedent.''.
(2) Conforming amendment.--Subsection (c) of section 1014
of such Code (relating to property representing income in
respect of a decedent) is amended by striking ``This'' and
inserting ``Except as provided by subsection (a)(5), this.''.
(d) Effective Date.--The amendments made by this section shall
apply to decedents dying after the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Transportation and Infrastructure.
Referred to the Subcommittee on Highways and Transit.
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