ESTATE TAX EXEMPTION FOR WORKS OF ART LOANED BY NONRESIDENT ALIENS.

SEC. 605. ESTATE TAX EXEMPTION FOR WORKS OF ART LOANED BY NONRESIDENT ALIENS. (a) Amendment of Section 863 (c).—Section 863 (c) (relating to exemption of works of art loaned by nonresident aliens) is hereby amended to read as follows: “(c) Works of Art on Loan for Exhibition.—Works of art owned by a nonresident not a citizen of the United States (1) imported into the United States solely for exhibition purposes, (2) loaned for such purposes to a public gallery or museum, no part of the net earnings of which inures to the benefit of any private stockholder or individual, and (3) at the time of the death of the owner, on exhibition, or en route to or from exhibition, in such a public gallery or museum.” (b) Effective Date.—The amendment made by this section shall be applicable only with respect to estates of decedents dying after the date of the enactment of this Act.