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Federal law — U.S. Code and appendices · legal_authorities
The amount of the tax imposed by section 2601 is— (1) the taxable amount (determined under subchapter C), multiplied by (2) the applicable rate (determined under subchapter E).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2602
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Stable record: federal_law:legal_authorities:record_usc_6d9ae675a3c41e251f3154d7
Source file: Laws/federal/codes/united-states-code/title-26/section-2602-amount-of-tax--c930727d18.md
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Source location: Title 26, Chapter 13, § 2602; chapter-013-tax-on-generation-skipping-transfers.md
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Skip person** For purposes of this chapter, the term “skip person” means— (1) a natural person assigned to a generation which is 2 or more generations below the generation assignment of the transferor, or (2) a trust— (A) if all interests in such trust are held by skip persons, or (B) if— (i) there is no person holding an interest in such trust, and (ii) at no time after such transfer may a distribution (including distributions on termination) be made from such trust to a nonskip person. **(b) Non-skip person** For purposes of this chapter, the term “non-skip person” means any person who is not a skip person.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2613
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition** A tax is hereby imposed on the transfer of the taxable estate of every decedent who is a citizen or resident of the United States. **(b) Computation of tax** The tax imposed by this section shall be the amount equal to the excess (if any) of— (1) a tentative tax computed under subsection (c) on the sum of— (A) the amount of the taxable estate, and (B) the amount of the adjusted taxable gifts, over (2) the aggregate amount of tax which would have been payable under chapter 12 with respect to gifts made by the decedent after December 31, 1976, if the modifications described in subsection (g) had been applicable at the time of such gifts. For purposes of paragraph (1)(B), the term “adjusted taxable gifts” means the total amount of the taxable gifts (within the meaning of section 2503) made by the decedent after December 31, 1976, other than gifts which are includible in the gross estate of the decedent. **(c) Rate schedule** If the amount with respect to which the tentative tax to be computed is:The tentative tax is: Not over $10,00018 percent of such amount. Over $10,000 but not over $20,000$1,800, plus 20 percent of the excess of such amount over $10,000. Over $20,000 but not over $40,000$3,800, plus 22 percent of the excess of such amount over $20,000. Over $40,000 but not over $60,000$8,200 plus 24 percent of the excess of such amount over $40,000. Over $60,000 but not over $80,000$13,000, plus 26 percent of the excess of such amount over $60,000. Over $80,000 but not over $100,000$18,200, plus 28 percent of the excess of such amount over $80,000. Over $100,000 but not over $150,000$23,800, plus 30 percent of the excess of such amount over $100,000. Over $150,000 but not over $250,000$38,800, plus 32 percent of the excess of such amount ove
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2001
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Allowance of marital deduction** For purposes of the tax imposed by section 2001, the value of the taxable estate shall, except as limited by subsection (b), be determined by deducting from the value of the gross estate an amount equal to the value of any interest in property which passes or has passed from the decedent to his surviving spouse, but only to the extent that such interest is included in determining the value of the gross estate. **(b) Limitation in the case of life estate or other terminable interest** (1) **General rule** — Where, on the lapse of time, on the occurrence of an event or contingency, or on the failure of an event or contingency to occur, an interest passing to the surviving spouse will terminate or fail, no deduction shall be allowed under this section with respect to such interest— (A) if an interest in such property passes or has passed (for less than an adequate and full consideration in money or money’s worth) from the decedent to any person other than such surviving spouse (or the estate of such spouse); and (B) if by reason of such passing such person (or his heirs or assigns) may possess or enjoy any part of such property after such termination or failure of the interest so passing to the surviving spouse; and no deduction shall be allowed with respect to such interest (even if such deduction is not disallowed under subparagraphs (A) and (B))— (C) if such interest is to be acquired for the surviving spouse, pursuant to directions of the decedent, by his executor or by the trustee of a trust. For purposes of this paragraph, an interest shall not be considered as an interest which will terminate or fail merely because it is the ownership of a bond, note, or similar contractual obligation, the discharge of which woul
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2056
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Federal law — U.S. Code and appendices · legal_authorities
A tax is hereby imposed on every generation-skipping transfer (within the meaning of subchapter B).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2601
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of this chapter, the term “generation-skipping transfer” means— (1) a taxable distribution, (2) a taxable termination, and (3) a direct skip. **(b) Certain transfers excluded** The term “generation-skipping transfer” does not include— (1) any transfer which, if made inter vivos by an individual, would not be treated as a taxable gift by reason of section 2503(e) (relating to exclusion of certain transfers for educational or medical expenses), and (2) any transfer to the extent— (A) the property transferred was subject to a prior tax imposed under this chapter, (B) the transferee in the prior transfer was assigned to the same generation as (or a lower generation than) the generation assignment of the transferee in this transfer, and (C) such transfers do not have the effect of avoiding tax under this chapter with respect to any transfer.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2611
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Federal law — U.S. Code and appendices · legal_authorities
Page 2653 TITLE 26—INTERNAL REVENUE CODE [§ 2604 Code of 1986, the provisions of such subsection (d) shall apply.’’ [Amendment of section 2006(c) of Pub. L. 94–455, set out above, by section 702(n)(1) of Pub. L. 95–600, effec- tive Oct. 4, 1976, see section 702(n)(5) of Pub. L. 95–600, set out as an Effective Date of 1978 Amendment note under section 2613 of this title.] § 2602. Amount of tax The amount of the tax imposed by section 2601 is— (1) the taxable amount (determined under subchapter C), multiplied by (2) the applicable rate (determined under subchapter E). (Added Pub. L. 94–455, title XX, § 2006(a), Oct. 4, 1976, 90 Stat. 1879; amended Pub. L. 95–600, title VII, § 702(h)(2), (n)(4), Nov. 6, 1978, 92 Stat. 2931, 2936; Pub. L. 97–34, title IV, § 403(a)(2)(B), Aug. 13, 1981, 95 Stat. 301; Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2718.) Editorial Notes AMENDMENTS 1986—Pub. L. 99–514 amended section generally, sub- stituting provisions that amount of tax imposed by sec- tion 2601 is the taxable amount (determined under sub- chapter C), multiplied by the applicable rate (deter- mined under subchapter E) for former provisions which set out in detail the calculations and formulae for de- termining amount of tax imposed by section 2601. 1981—Subsec. (c)(5). Pub. L. 97–34 redesignated sub- pars. (B) and (C) as (A) and (B), respectively, and struck out former subpar. (A) relating to adjustments to mar- ital deduction and providing that if the generation- skipping transfer occurs at the same time as, or within 9 months after, the death of the deemed transferor, for purposes of section 2056, relating to bequests, etc., to surviving spouse, the value of the gross estate of the deemed transferor shall be deemed to be increased b
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2602
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