- acquisition indebtedness
means, with respect to debt-financed property, the unpaid amount of—
- active management
means the making of the management decisions of a business (other than the daily operating decisions).
- adjusted tax difference with respect to the estate
means the excess of what would have been the estate tax liability but for subsection (a) over the estate tax liability.
- adjusted taxable gifts
means the total amount of the taxable gifts (within the meaning of section 2503) made by the decedent after December 31, 1976, other than gifts which are includible in the gross estate of the decedent.
- adjusted value
means—
- applicable percentage
means 40 percent reduced (but not below zero) by 2 percentage points for each percentage point (or fraction thereof) by which the value of the qualified conservation easement is less than 30 percent of the value of the land (determined without regard to the value of such easement and reduced by the value of any retained development right (as defined in paragraph (5))).
- charitable beneficiary
means any beneficiary which is an organization described in section 170(c).
- debt-financed property
means any property with respect to which there is an acquisition indebtedness (as defined in clause (ii)) on the date of the decedent’s death.
- deceased spousal unused exclusion amount
means the lesser of—
- development right
means any right to use the land subject to the qualified conservation easement in which such right is retained for any commercial purpose which is not subordinate to and directly supportive of the use of such land as a farm for farming purposes (within the meaning of section 2032A(e)(5)).
- eligible qualified heir
means a qualified heir who—
- estate tax liability
means the tax imposed by section 2001 reduced by the credits allowable against such tax.
- farm
includes stock, dairy, poultry, fruit, furbearing animal, and truck farms, plantations, ranches, nurseries, ranges, greenhouses or other similar structures used primarily for the raising of agricultural or horticultural commodities, and orchards and woodlands.
- farming purposes
means—
- general power of appointment
means a power which is exercisable in favor of the decedent, his estate, his creditors, or the creditors of his estate;
- incident of ownership
includes a reversionary interest (whether arising by the express terms of the policy or other instrument or by operation of law) only if the value of such reversionary interest exceeded 5 percent of the value of the policy immediately before the death of the decedent.
- income
has the meaning given to such term by section 643(b).
- involuntary conversion
means a compulsory or involuntary conversion within the meaning of section 1033.
- land subject to a qualified conservation easement
means land—
- member of the family
means, with respect to any individual, only— For purposes of the preceding sentence, a legally adopted child of an individual shall be treated as the child of such individual by blood.
- net share rental
means the excess of—
- property
includes any beneficial interest in property, including a general power of appointment (as defined in section 2041).
- property subject to claims
means property includible in the gross estate of the decedent which, or the avails of which, would under the applicable law, bear the burden of the payment of such deductions in the final adjustment and settlement of the estate, except that the value of the property shall be reduced by the amount of the deduction under section 2054 attributable to such property.
- qualified charitable remainder trust
means a charitable remainder annuity trust or a charitable remainder unitrust (described in section 664).
- qualified conservation easement
means a qualified conservation contribution (as defined in section 170(h)(1)) of a qualified real property interest (as defined in section 170(h)(2)(C)), except that clause (iv) of section 170(h)(4)(A) shall not apply, and the restriction on the use of such interest described in section 170(h)(2)(C) shall include a prohibition on more than a de minimis use for a commercial recreational activity.
- qualified contribution
means any transfer of property to a qualified organization if the use of the property by the organization is related to the purpose or function constituting the basis for its exemption under section 501.
- qualified decedent
means—
- qualified domestic trust
means, with respect to any decedent, any trust if—
- qualified exchange property
means real property which is to be used for the qualified use set forth in subparagraph (A) or (B) of subsection (b)(2) under which the real property exchanged therefor originally qualified under subsection (a).
- qualified heir
means, with respect to any property, a member of the decedent’s family who acquired such property (or to whom such property passed) from the decedent.
- qualified interest
means an interest for which a deduction is allowable under subsection (a).
- qualified joint interest
means any interest in property held by the decedent and the decedent’s spouse as—
- qualified organization
means any organization described in section 501(c)(3) other than a private foundation (as defined in section 509).
- qualified real property
means real property located in the United States which was acquired from or passed from the decedent to a qualified heir of the decedent and which, on the date of the decedent’s death, was being used for a qualified use by the decedent or a member of the decedent’s family, but only if—
- qualified reformation
means a change of a governing instrument by reformation, amendment, construction, or otherwise which changes a reformable interest into a qualified interest but only if— A nonremainder interest (before reformation) for a term of years in excess of 20 years shall be treated as satisfying subclause (I) of clause (ii) if such interest (after reformation) is for a term of 20 years.
- qualified replacement property
means—
- qualified terminable interest property
means property—
- qualified use
means the devotion of the property to any of the following:
- qualified woodland
means any real property which—
- reformable interest
means any interest for which a deduction would be allowable under subsection (a) at the time of the decedent’s death but for paragraph (2).
- replaced property
means—
- reversionary interest
includes a possibility that property transferred by the decedent— but such term does not include a possibility that the income alone from such property may return to him or become subject to a power of disposition by him.
- State death taxes
means the taxes described in section 2058(a).
- taxable event
means the event resulting in tax being imposed under paragraph (1).
- timber operations
means—
- trust
includes other arrangements which have substantially the same effect as a trust.
- wholly charitable trust
means a charitable trust which, upon the allowance of a deduction, would be described in section 4947(a)(1).
- work of art
means any tangible personal property with respect to which there is a copyright under Federal law.