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FEDERAL INCOME, ESTATE & GIFT TAX PROJECT 1 (AMENDED DRAFTS & COMMENT §§ X1070-X1071)

handle is hein.ali/aliftp0285 and id is 1 raw text is: Amended Draft*
SECTION .M[070. SPECIAL RULE APPLICABLE TO TRANSFERS BY
TENANTS BY THE ENTIRETY.
Where tenants by the entirety, acting together, transfer property
subject to a tenancy to a third person each tenant-shall be treated as
transferring a portion of the property proportionate to the portion of the
property's income as to which he was taxable immediately before the
transfer. For purposes of this section, all property shall be t i-eated
as income producing whether or not the property transferred produces
income at the time of the transfer.
Amended Comment
SECTION X1070. SPECIAL RULE APPLICABLE TO TRANSFERS Of'
PROPERTY SUBJECT TO A TENANCY BY THE
ENTIRETY.
B. Suggested Provisions (at p. 140)
3. This section is applicable only if the tenants, acting together,
transfer all or a part of the property subject to the tenancy to a third
person. If the tenancy by the entirety exists with respect to a thousand
acres of land and the tenants transfer one hundred of these acres to
another person this section would be applicable. The section is not
intended to apply where the tenants transfer a paticular interest in
the property, such as the income interest during their joint lives, or
their rights of survivorship, to a third person. If this section is
*Those sections not discussed in this and the following pages
remain the same as in Tentative Draft No. 10.

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