§ 2504. Taxable gifts for preceding calendar periods
(a)
In general
In computing taxable gifts for preceding calendar periods for purposes of computing the tax for any calendar year—
(1)
there shall be treated as gifts such transfers as were considered to be gifts under the gift tax laws applicable to the calendar period in which the transfers were made,
(3)
the specific exemption in the amount (if any) allowable under section
2521 (as in effect before its repeal by the Tax Reform Act of 1976) shall be applied in all computations in respect of preceding calendar periods ending before January 1, 1977, for purposes of computing the tax for any calendar year.
(b)
Exclusions from gifts for preceding calendar periods
In the case of gifts made to any person by the donor during preceding calendar periods, the amount excluded, if any, by the provisions of gift tax laws applicable to the periods in which the gifts were made shall not, for purposes of subsection (a), be included in the total amount of the gifts made during such preceding calendar periods.
(c)
Valuation of gifts
If the time has expired under section
6501 within which a tax may be assessed under this chapter 12 (or under corresponding provisions of prior laws) on—
(d)
Net gifts
The term “net gifts” as used in the corresponding provisions of prior laws shall be read as “taxable gifts” for purposes of this chapter.