PUBLIC LAW 100-647—NOV. 10, 1988	102 STAT. 3725
(1)	in general.—The amendment made by subsection (a)
shall apply with respect to rentals occurring after December 31,
1976.
(2)	waiver of statute of limitations.—If on the date of the
enactment of this Act (or at any time within 1 year after such
date of enactment) refund or credit of any overpayment of tax
resulting from the application of the amendment made by
subsection (a) is barred by any law or rule of law, refund or
credit of such overpayment shall, nevertheless, be made or
allowed if claim therefore is filed before the date 1 year after
the date of the enactment of this Act.
SEC. 6152. CLARIFICATION  OF  TREATMENT  OF JOINT  AND  SURVIVOR
ANNUITIES UNDER QTIP RULES.
(a)	estate tax.—Paragraph (7) of section 2056(b) of the 1986 Code
is amended by adding at the end thereof the following new subpara-
graph:
"(C) treatment of survivor annuities.—In the case of
an annuity where only the surviving spouse has the right to
receive payments before the death of such surviving
spouse—
"(i) the interest of such surviving spouse shall be
treated as a qualifying income interest for life, and
"(ii) the executor shall be treated as having made an
election under this subsection with respect to such
annuity unless the executor otherwise elects on the
return of tax imposed by section 2001.
An election under clause (ii), once made, shall be irrev-
ocable."
(b)	gift tax.—Subsection (i) of section 2523 of the 1986 Code Is
amended by adding at the end thereof the following new paragraph:
"(6) treatment of joint and survivor annuities.-—In the
case of a joint and survivor annuity where only the donor
spouse and donee spouse have the right to receive payments
before the death of the last spouse to die—
"(A) the donee spouse's interest shall be treated as a
qualifying income interest for life,
"(B) the donor spouse shall be treated as having made an
election under this subsection with respect to such annuity
unless the donor spouse otherwise elects on or before the
date specified in paragraph (4XA),
"(C) paragraph (5) and section 2519 shall not apply to the
donor spouse's interest in the annuity, and
"(D) if the donee spouse dies before the donor spouse, no
amount shall be includible in the gross estate of the donee
spouse under section 2044 with respect to such annuity,
An election under subparagraph (B), once made, shall be irrev-
ocable."
(c)	effective dates.—	2B use* 21 m»
(1) in general.—Except as otherwise provided in this subeec-    ™»u».
tion—
 (A)	the amendment made by subsection (a) shall apply
with respect to decedents dying after December 31, 1981,
and
 (B)	the amendment made by subsection (b) shall apply to
transfers after December 31,1981.