26 U.S.C. 273: Holders of life or terminable interestText contains those laws in effect through Public Law 119-120 (October 7, 2026).
From Title 26-INTERNAL REVENUE CODECHAPTER 1-NORMAL TAXES AND SURTAXES
§273. Holders of life or terminable interest
Amounts paid under the laws of a State, the District of Columbia, a possession of the United States, or a foreign country as income to the holder of a life or terminable interest acquired by gift, bequest, or inheritance shall not be reduced or diminished by any deduction for shrinkage (by whatever name called) in the value of such interest due to the lapse of time.
( Aug. 16, 1954, ch. 736 , 68A Stat. 83 ; Pub. L. 94–455, title XIX, § 1901(c)(2) , Oct. 4, 1976 , 90 Stat. 1803 .)
Editorial Notes
Amendments
1976—Pub. L. 94–455 struck out reference to amounts paid under laws of a Territory.
Statutory Notes and Related Subsidiaries
Effective Date of 1976 Amendment
Amendment by Pub. L. 94–455 effective for taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.