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26 U.S.C. § 2651 — Generation assignment

Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2651 — Generation assignment

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Stable record: federal_law:legal_authorities:record_usc_93b6373b44b5f3b887c10f99
Source file: Laws/federal/codes/united-states-code/title-26/section-2651-generation-assignment--9f49faeced.md
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Source location: Title 26, Chapter 13, § 2651; chapter-013-tax-on-generation-skipping-transfers.md

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**(a) In general** For purposes of this chapter, the generation to which any person (other than the transferor) belongs shall be determined in accordance with the rules set forth in this section. **(b) Lineal descendants** (1) **In general** — An individual who is a lineal descendant of a grandparent of the transferor shall be assigned to that generation which results from comparing the number of generations between the grandparent and such individual with the number of generations between the grandparent and the transferor. (2) **On spouse’s side** — An individual who is a lineal descendant of a grandparent of a spouse (or former spouse) of the transferor (other than such spouse) shall be assigned to that generation which results from comparing the number of generations between such grandparent and such individual with the number of generations between such grandparent and such spouse. (3) **Treatment of legal adoptions, etc.** — For purposes of this subsection— (A) *Legal adoptions* — A relationship by legal adoption shall be treated as a relationship by blood. (B) *Relationships by half-blood* — A relationship by the half-blood shall be treated as a relationship of the whole-blood. **(c) Marital relationship** (1) **Marriage to transferor** — An individual who has been married at any time to the transferor shall be assigned to the transferor’s generation. (2) **Marriage to other lineal descendants** — An individual who has been married at any time to an individual described in subsection (b) shall be assigned to the generation of the individual so described. **(d) Persons who are not lineal descendants** An individual who is not assigned to a generation by reason of the foregoing provisions of this section shall be assigned to a generation on the basis of the date of such individual’s birth with— (1) an individual born not more than 12½ years after the date of the birth of the transferor assigned to the transferor’s generation, (2) an individual born more than 12½ years but not more than 37½ years after the date of the birth of the transferor assigned to the first generation younger than the transferor, and (3) similar rules for a new generation every 25 years. **(e) Special rule for persons with a deceased parent** (1) **In general** — For purposes of determining whether any transfer is a generation-skipping transfer, if— (A) an individual is a descendant of a parent of the transferor (or the transferor’s spouse or former spouse), and (B) such individual’s parent who is a lineal descendant of the parent of the transferor (or the transferor’s spouse or former spouse) is dead at the time the transfer (from which an interest of such individual is established or derived) is subject to a tax imposed by chapter 11 or 12 upon the transferor (and if there shall be more than 1 such time, then at the earliest such time), such individual shall be treated as if such individual were a member of the generation which is 1 generation below the lower of the transferor’s generation or the generation assignment of the youngest living ancestor of such individual who is also a descendant of the parent of the transferor (or the transferor’s spouse or former spouse), and the generation assignment of any descendant of such individual shall be adjusted accordingly. (2) **Limited application of subsection to collateral heirs** — This subsection shall not apply with respect to a transfer to any individual who is not a lineal descendant of the transferor (or the transferor’s spouse or former spouse) if, at the time of the transfer, such transferor has any living lineal descendant. **(f) Other special rules** (1) **Individuals assigned to more than 1 generation** — Except as provided in regulations, an individual who, but for this subsection, would be assigned to more than 1 generation shall be assigned to the youngest such generation. (2) **Interests through entities** — Except as provided in paragraph (3), if an estate, trust, partnership, corporation, or other entity has an interest in property, each individual having a beneficial interest in such entity shall be treated as having an interest in such property and shall be assigned to a generation under the foregoing provisions of this subsection. (3) **Treatment of certain charitable organizations and governmental entities** — Any— (A) organization described in section 511(a)(2), (B) charitable trust described in section 511(b)(2), and (C) governmental entity, shall be assigned to the transferor’s generation.

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2612 — Taxable termination; taxable distribution; direct skip

**(a) Taxable termination** (1) **General rule** — For purposes of this chapter, the term “taxable termination” means the termination (by death, lapse of time, release of power, or otherwise) of an interest in property held in a trust unless— (A) immediately after such termination, a non-skip person has an interest in such property, or (B) at no time after such termination may a distribution (including distributions on termination) be made from such trust to a skip person. (2) **Certain partial terminations treated as taxable** — If, upon the termination of an interest in property held in trust by reason of the death of a lineal descendant of the transferor, a specified portion of the trust’s assets are distributed to 1 or more skip persons (or 1 or more trusts for the exclusive benefit of such persons), such termination shall constitute a taxable termination with respect to such portion of the trust property. **(b) Taxable distribution** For purposes of this chapter, the term “taxable distribution” means any distribution from a trust to a skip person (other than a taxable termination or a direct skip). **(c) Direct skip** For purposes of this chapter— (1) **In general** — The term “direct skip” means a transfer subject to a tax imposed by chapter 11 or 12 of an interest in property to a skip person. (2) **Look-thru rules not to apply** — Solely for purposes of determining whether any transfer to a trust is a direct skip, the rules of section 2651(f)(2) shall not apply.

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2612

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 1 — Tax imposed

**(a) Married individuals filing joint returns and surviving spouses** There is hereby imposed on the taxable income of— (1) every married individual (as defined in section 7703) who makes a single return jointly with his spouse under section 6013, and (2) every surviving spouse (as defined in section 2(a)), a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $36,90015% of taxable income. Over $36,900 but not over $89,150$5,535, plus 28% of the excess over $36,900. Over $89,150 but not over $140,000$20,165, plus 31% of the excess over $89,150. Over $140,000 but not over $250,000$35,928.50, plus 36% of the excess over $140,000. Over $250,000$75,528.50, plus 39.6% of the excess over $250,000. **(b) Heads of households** There is hereby imposed on the taxable income of every head of a household (as defined in section 2(b)) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $29,60015% of taxable income. Over $29,600 but not over $76,400$4,440, plus 28% of the excess over $29,600. Over $76,400 but not over $127,500$17,544, plus 31% of the excess over $76,400. Over $127,500 but not over $250,000$33,385, plus 36% of the excess over $127,500. Over $250,000$77,485, plus 39.6% of the excess over $250,000. **(c) Unmarried individuals (other than surviving spouses and heads of households)** There is hereby imposed on the taxable income of every individual (other than a surviving spouse as defined in section 2(a) or the head of a household as defined in section 2(b)) who is not a married individual (as defined in section 7703) a tax determined in accordance with the following table: If taxable income is:The tax is: Not over $22,10015% of taxable income. Over $22,100 but not over $53,50

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 1

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2601 — Tax imposed

A tax is hereby imposed on every generation-skipping transfer (within the meaning of subchapter B).

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 2611 — Generation-skipping transfer defined

**(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

26 U.S.C. § 2651 — Generation assignment

Page 2664 TITLE 26—INTERNAL REVENUE CODE § 2651 tion [amending this section] shall apply to severances after December 31, 2000.’’ Pub. L. 107–16, title V, § 563(c), June 7, 2001, 115 Stat. 91, provided that: ‘‘The amendments made by this sec- tion [amending this section] shall apply to transfers subject to chapter 11 or 12 of the Internal Revenue Code of 1986 made after December 31, 2000.’’ Pub. L. 107–16, title V, § 564(b), June 7, 2001, 115 Stat. 91, provided that: ‘‘(1) RELIEF FROM LATE ELECTIONS.—Section 2642(g)(1) of the Internal Revenue Code of 1986 (as added by sub- section (a)) shall apply to requests pending on, or filed after, December 31, 2000. ‘‘(2) SUBSTANTIAL COMPLIANCE.—Section 2642(g)(2) of such Code (as so added) shall apply to transfers subject to chapter 11 or 12 of the Internal Revenue Code of 1986 made after December 31, 2000. No implication is in- tended with respect to the availability of relief from late elections or the application of a rule of substantial compliance on or before such date.’’ EFFECTIVE DATE OF 1990 AMENDMENT Pub. L. 101–508, title XI, § 11703(c)(4), Nov. 5, 1990, 104 Stat. 1388–517, provided that: ‘‘The amendments made by paragraphs (1) and (2) [amending this section] shall apply to transfers after March 31, 1988.’’ EFFECTIVE DATE OF 1989 AMENDMENT Amendment by Pub. L. 101–239 effective, except as otherwise provided, as if included in the provision of the Technical and Miscellaneous Revenue Act of 1988, Pub. L. 100–647, to which such amendment relates, see section 7817 of Pub. L. 101–239, set out as a note under section 1 of this title. EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100–647, title I, § 1014(g)(3)(B), Nov. 10, 1988, 102 Stat. 3563, provided that: ‘‘The amendment made by subparagraph (A) [ame

Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2651

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