Browse Arkansas Code titles and sections
26 U.S.C. § 2621 — Taxable amount in case of taxable distribution
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** For purposes of this chapter, the taxable amount in the case of any taxable distribution shall be—
(1) the value of the property received by the transferee, reduced by
(2) any expense incurred by the transferee in connection with the determination, collection, or refund of the tax imposed by this chapter with respect to such distribution.
**(b) Payment of GST tax treated as taxable distribution** For purposes of this chapter, if any of the tax imposed by this chapter with respect to any taxable distribution is paid out of the trust, an amount equal to the portion so paid shall be treated as a taxable distribution.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2621
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 827229dc2f29863b95ce02af367ecfd83a47e65566c3b9fa03757e1f05715e90. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_d0dfe695033795bd796e3e7c
Source file: Laws/federal/codes/united-states-code/title-26/section-2621-taxable-amount-in-case-of-taxable-distribution--8b28f86664.md
Pages: Not recorded – Not recorded
Passage SHA-256: 152f6792ac6b2baed1c2469ad2dbe0a23c9054f6afcb69d13c93a8e6a807e076
Source location: Title 26, Chapter 13, § 2621; chapter-013-tax-on-generation-skipping-transfers.md
Stored source content
**(a) In general** For purposes of this chapter, the taxable amount in the case of any taxable distribution shall be—
(1) the value of the property received by the transferee, reduced by
(2) any expense incurred by the transferee in connection with the determination, collection, or refund of the tax imposed by this chapter with respect to such distribution.
**(b) Payment of GST tax treated as taxable distribution** For purposes of this chapter, if any of the tax imposed by this chapter with respect to any taxable distribution is paid out of the trust, an amount equal to the portion so paid shall be treated as a taxable distribution.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) 5-year deferral; 10-year installment payment**
(1) **In general** — If the value of an interest in a closely held business which is included in determining the gross estate of a decedent who was (at the date of his death) a citizen or resident of the United States exceeds 35 percent of the adjusted gross estate, the executor may elect to pay part or all of the tax imposed by section 2001 in 2 or more (but not exceeding 10) equal installments.
(2) **Limitation** — The maximum amount of tax which may be paid in installments under this subsection shall be an amount which bears the same ratio to the tax imposed by section 2001 (reduced by the credits against such tax) as—
(A) the closely held business amount, bears to
(B) the amount of the adjusted gross estate.
(3) **Date for payment of installments** — If an election is made under paragraph (1), the first installment shall be paid on or before the date selected by the executor which is not more than 5 years after the date prescribed by section 6151(a) for payment of the tax, and each succeeding installment shall be paid on or before the date which is 1 year after the date prescribed by this paragraph for payment of the preceding installment.
**(b) Definitions and special rules**
(1) **Interest in closely held business** — For purposes of this section, the term “interest in a closely held business” means—
(A) an interest as a proprietor in a trade or business carried on as a proprietorship;
(B) an interest as a partner in a partnership carrying on a trade or business, if—
(i) 20 percent or more of the total capital interest in such partnership is included in determining the gross estate of the decedent, or
(ii) such partnership had 45 or fewer partners; or
(C) stock in a corporation carr
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 6166
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Insofar as applicable and not inconsistent with the provisions of this chapter—
(1) except as provided in paragraph (2), all provisions of subtitle F (including penalties) applicable to the gift tax, to chapter 12, or to section 2501, are hereby made applicable in respect of the generation-skipping transfer tax, this chapter, or section 2601, as the case may be, and
(2) in the case of a generation-skipping transfer occurring at the same time as and as a result of the death of an individual, all provisions of subtitle F (including penalties) applicable to the estate tax, to chapter 11, or to section 2001 are hereby made applicable in respect of the generation-skipping transfer tax, this chapter, or section 2601 (as the case may be).
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2661
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 2656
TITLE 26—INTERNAL REVENUE CODE
[§ 2614
EFFECTIVE DATE OF 1986 AMENDMENT
Section applicable to generation-skipping transfers
(within the meaning of section 2611 of this title) made
after Oct. 22, 1986, except as otherwise provided, see sec-
tion 1433 of Pub. L. 99–514, set out as a note under sec-
tion 2601 of this title.
EFFECTIVE DATE OF 1980 AMENDMENT
Amendment by Pub. L. 96–222 effective, except as oth-
erwise provided, as if it had been included in the provi-
sions of the Revenue Act of 1978, Pub. L. 95–600, to
which such amendment relates, see section 201 of Pub.
L. 96–222, set out as a note under section 32 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT
Pub. L. 95–600, title VII, § 702(n)(5), Nov. 6, 1978, 92
Stat. 2936, as amended by Pub. L. 99–514, § 2, Oct. 22,
1986, 100 Stat. 2095, provided that:
‘‘(A) Except as provided in subparagraph (B), the
amendments made by this subsection [amending this
section, section 2602 of this title, and provisions set out
as a note under section 2601 of this title] shall take ef-
fect as if included in chapter 13 of the Internal Revenue
Code of 1986 [formerly I.R.C. 1954] as added by section
2006 of the Tax Reform Act of 1976 [Pub. L. 94–455, title
XX, § 2006, Oct. 4, 1976, 90 Stat. 1879].
‘‘(B) The amendment made by paragraph (1) [amend-
ing provisions set out as a note under section 2601 of
this title] shall take effect on October 4, 1976.’’
[§ 2614. Omitted]
Editorial Notes
CODIFICATION
Section, added Pub. L. 94–455, title XX, § 2006(a), Oct.
4, 1976, 90 Stat. 1887; amended Pub. L. 95–600, title VII,
§ 702(c)(1)(B), Nov. 6, 1978, 92 Stat. 2926; Pub. L. 96–223,
title IV, § 401(c)(3), Apr. 2, 1980, 94 Stat. 300, related to
special rules for generation-skipping transfers, prior to
the genera
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2621
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.