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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.