§ 999-a. Appendix to article twenty-six. The following provisions of\nthe United States Internal Revenue Code of 1986, with all amendments\nenacted on or before January first, two thousand fourteen, shall apply\nto the tax imposed by this article, to the extent specified in this\narticle.\n § 2031. Definition of Gross Estate.\n (a) General.--The value of the gross estate of the decedent shall be\ndetermined by including to the extent provided for in this part, the\nvalue at the time of his death of all property, real or personal,\ntangible or intangible, wherever situated.\n (b) Valuation of unlisted stock and securities.--In the case of stock\nand securities of a corporation the value of which, by reason of their\nnot being listed on an exchange and by reason of the absence of sales\nthereof, cannot be determined with reference to bid and asked prices or\nwith reference to sales prices, the value thereof shall be determined by\ntaking into consideration, in addition to all other factors, the value\nof stock or securities of corporations engaged in the same or a similar\nline of business which are listed on an exchange.\n (c) Estate tax with respect to land subject to a qualified\nconservation easement.--\n (1) In general.--If the executor makes the election described in\nparagraph (6), then, except as otherwise provided in this subsection,\nthere shall be excluded from the gross estate the lesser of--\n (A) the applicable percentage of the value of land subject to a\nqualified conservation easement, reduced by the amount of any deduction\nunder section 2055(f) with respect to such land, or\n (B) the exclusion limitation.\n (2) Applicable percentage.--For purposes of paragraph (1), the term\n"applicable percentage" means 40 percent reduced (but not below zero) by\n2 percentage points for each percentage point (or fraction thereof) by\nwhich the value of the qualified conservation easement is less than 30\npercent of the value of the land (determined without regard to the value\nof such easement and reduced by the value of any retained development\nright (as defined in paragraph (5)). The values taken into account under\nthe preceding sentence shall be such values as of the date of the\ncontribution referred to in paragraph (8)(B).\n (3) Exclusion limitation.--For purposes of paragraph (1), the\nexclusion limitation is the limitation determined in accordance with the\nfollowing table:\nIn the case of estates of decedents dying The exclusion limitation\nduring: is:\n1998..................................... 100,000\n1999..................................... 200,000\n2000..................................... 300,000\n2001..................................... 400,000\n2002 or thereafter....................... 500,000\n (4) Treatment of certain indebtedness.--\n (A) In general.--The exclusion provided in paragraph (1) shall not\napply to the extent that the land is debt-financed property.\n (B) Definitions.--For purposes of this paragraph--\n (i) Debt-financed property.--The term "debt-financed property" means\nany property with respect to which there is an acquisition indebtedness\n(as defined in clause (ii)) on the date of the decedent's death.\n (ii) Acquisition indebtedness.--The term "acquisition indebtedness"\nmeans, with respect to debt-financed property, the unpaid amount of--\n (I) the indebtedness incurred by the donor in acquiring such property,\n (II) the indebtedness incurred before the acquisition of such property\nif such indebtedness would not have been incurred but for such\nacquisition,\n (III) the indebtedness incurred after the acquisition of such property\nif such indebtedness would not have been incurred but for such\nacquisition and the incurrence of such indebtedness was reasonably\nforeseeable at the time of such acquisition, and\n (IV) the extension, renewal, or refinancing of an acquisition\nindebtedness.\n (5) Treatment of retained development right.--
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