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26 U.S.C. § 2515 — Treatment of generation-skipping transfer tax
Federal law — U.S. Code and appendices · legal_authorities
In the case of any taxable gift which is a direct skip (within the meaning of chapter 13), the amount of such gift shall be increased by the amount of any tax imposed on the transferor under chapter 13 with respect to such gift.
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Source file: Laws/federal/codes/united-states-code/title-26/section-2515-treatment-of-generation-skipping-transfer-tax--3154e90fb0.md
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Source location: Title 26, Chapter 12, § 2515; chapter-012-gift-tax.md
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In the case of any taxable gift which is a direct skip (within the meaning of chapter 13), the amount of such gift shall be increased by the amount of any tax imposed on the transferor under chapter 13 with respect to such gift.
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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
**(a) General rule** The value of the gross estate shall include the value of all property to the extent of the interest therein held as joint tenants with right of survivorship by the decedent and any other person, or as tenants by the entirety by the decedent and spouse, or deposited, with any person carrying on the banking business, in their joint names and payable to either or the survivor, except such part thereof as may be shown to have originally belonged to such other person and never to have been received or acquired by the latter from the decedent for less than an adequate and full consideration in money or money’s worth: Provided, That where such property or any part thereof, or part of the consideration with which such property was acquired, is shown to have been at any time acquired by such other person from the decedent for less than an adequate and full consideration in money or money’s worth, there shall be excepted only such part of the value of such property as is proportionate to the consideration furnished by such other person: Provided further, That where any property has been acquired by gift, bequest, devise, or inheritance, as a tenancy by the entirety by the decedent and spouse, then to the extent of one-half of the value thereof, or, where so acquired by the decedent and any other person as joint tenants with right of survivorship and their interests are not otherwise specified or fixed by law, then to the extent of the value of a fractional part to be determined by dividing the value of the property by the number of joint tenants with right of survivorship.
**(b) Certain joint interests of husband and wife**
(1) **Interests of spouse excluded from gross estate** — Notwithstanding subsection (a), in the case of any qualified joint interest, t
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2040
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Federal law — U.S. Code and appendices · legal_authorities
Page 2642
TITLE 26—INTERNAL REVENUE CODE
§ 2515
be deemed adverse to such exercise of the
possessor’s power;
(C) if (after the application of subpara-
graphs (A) and (B)) the power is a general
power of appointment and is exercisable in
favor of such other person—such power shall
be deemed a general power of appointment
only in respect of a fractional part of the
property subject to such power, such part to
be determined by dividing the value of such
property by the number of such persons (in-
cluding the possessor) in favor of whom such
power is exercisable.
For purposes of subparagraphs (B) and (C), a
power shall be deemed to be exercisable in
favor of a person if it is exercisable in favor of
such person, his estate, his creditors, or the
creditors of his estate.
(d) Creation of another power in certain cases
If a power of appointment created after Octo-
ber 21, 1942, is exercised by creating another
power of appointment which, under the applica-
ble local law, can be validly exercised so as to
postpone the vesting of any estate or interest in
the property which was subject to the first
power, or suspend the absolute ownership or
power of alienation of such property, for a pe-
riod ascertainable without regard to the date of
the creation of the first power, such exercise of
the first power shall, to the extent of the prop-
erty subject to the second power, be deemed a
transfer of property by the individual possessing
such power.
(e) Lapse of power
The lapse of a power of appointment created
after October 21, 1942, during the life of the indi-
vidual possessing the power shall be considered
a release of such power. The rule of the pre-
ceding sentence shall apply with respect to the
lapse of powers during any calendar year only to
the ex
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2515
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