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26 U.S.C. § 2661 — Administration
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).
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Source location: Title 26, Chapter 13, § 2661; chapter-013-tax-on-generation-skipping-transfers.md
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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).
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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) 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
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Federal law — U.S. Code and appendices · legal_authorities
Page 2668
TITLE 26—INTERNAL REVENUE CODE
§ 2661
the Tax Reform Act of 1986, Pub. L. 99–514, to which
such amendment relates, see section 1019(a) of Pub. L.
100–647, set out as a note under section 1 of this title.
EFFECTIVE DATE
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.
Subchapter G—Administration
Sec.
2661.
Administration.
2662.
Return requirements.
2663.
Regulations.
[2664.
Repealed.]
Editorial Notes
AMENDMENTS
2010—Pub. L. 111–312, title III, § 301(a), Dec. 17, 2010,
124 Stat. 3300, amended analysis to read as if amend-
ment by Pub. L. 107–16, § 501(c)(2), had never been en-
acted. See 2001 Amendment note below.
2001—Pub. L. 107–16, title V, § 501(c)(2), June 7, 2001,
115 Stat. 69, added item 2664 ‘‘Termination’’.
§ 2661. Administration
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 re-
spect 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 pro-
visions of subtitle F (including penalties) ap-
plicable to the estate tax, to chapter 11, or to
section 2001 are hereby made applicable in re-
spect of the generation-skipping transfer tax,
this chapter, or section 2601 (as the case may
be).
(Added Pub. L. 99–514, title XIV, § 1431(a), Oct. 22,
1
Source: Supplied 2024 U.S. Code historical extraction · 26 U.S.C. § 2661
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