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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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Stable record: federal_law:legal_authorities:record_usc_e6630fedda016cbd49498c14
Source file: Laws/federal/codes/united-states-code/title-26/section-2601-tax-imposed--98671b7d24.md
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Passage SHA-256: 4955f12c632387f12ef8215607d1da3f1227ba134c38c34d26f355ec84e3022a
Source location: Title 26, Chapter 13, § 2601; 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
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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2515
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** Except as otherwise provided in this section, the following taxes shall be allowed as a deduction for the taxable year within which paid or accrued: (1) State and local, and foreign, real property taxes. (2) State and local personal property taxes. (3) State and local, and foreign, income, war profits, and excess profits taxes. (4) The GST tax imposed on income distributions. In addition, there shall be allowed as a deduction State and local, and foreign, taxes not described in the preceding sentence which are paid or accrued within the taxable year in carrying on a trade or business or an activity described in section 212 (relating to expenses for production of income). Notwithstanding the preceding sentence, any tax (not described in the first sentence of this subsection) which is paid or accrued by the taxpayer in connection with an acquisition or disposition of property shall be treated as part of the cost of the acquired property or, in the case of a disposition, as a reduction in the amount realized on the disposition. **(b) Definitions and special rules** For purposes of this section— (1) **Personal property taxes** — The term “personal property tax” means an ad valorem tax which is imposed on an annual basis in respect of personal property. (2) **State or local taxes** — A State or local tax includes only a tax imposed by a State, a possession of the United States, or a political subdivision of any of the foregoing, or by the District of Columbia. (3) **Foreign taxes** — A foreign tax includes only a tax imposed by the authority of a foreign country. (4) **Special rules for GST tax** (A) *In general* — The GST tax imposed on income distributions is— (i) the tax imposed by section 2601, and (ii) any State tax described i
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 164
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** The tax imposed by section 2001 shall be credited with all or a part of the amount of the Federal estate tax paid with respect to the transfer of property (including property passing as a result of the exercise or non-exercise of a power of appointment) to the decedent by or from a person (herein designated as a “transferor”) who died within 10 years before, or within 2 years after, the decedent’s death. If the transferor died within 2 years of the death of the decedent, the credit shall be the amount determined under subsections (b) and (c). If the transferor predeceased the decedent by more than 2 years, the credit shall be the following percentage of the amount so determined— (1) 80 percent, if within the third or fourth years preceding the decedent’s death; (2) 60 percent, if within the fifth or sixth years preceding the decedent’s death; (3) 40 percent, if within the seventh or eighth years preceding the decedent’s death; and (4) 20 percent, if within the ninth or tenth years preceding the decedent’s death. **(b) Computation of credit** Subject to the limitation prescribed in subsection (c), the credit provided by this section shall be an amount which bears the same ratio to the estate tax paid (adjusted as indicated hereinafter) with respect to the estate of the transferor as the value of the property transferred bears to the taxable estate of the transferor (determined for purposes of the estate tax) decreased by any death taxes paid with respect to such estate. For purposes of the preceding sentence, the estate tax paid shall be the Federal estate tax paid increased by any credits allowed against such estate tax under section 2012, or corresponding provisions of prior laws, on account of gift tax, and for any credits allowed against suc
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2013
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General** The value of the gross estate may be determined, if the executor so elects, by valuing all the property included in the gross estate as follows: (1) In the case of property distributed, sold, exchanged, or otherwise disposed of, within 6 months after the decedent’s death such property shall be valued as of the date of distribution, sale, exchange, or other disposition. (2) In the case of property not distributed, sold, exchanged, or otherwise disposed of, within 6 months after the decedent’s death such property shall be valued as of the date 6 months after the decedent’s death. (3) Any interest or estate which is affected by mere lapse of time shall be included at its value as of the time of death (instead of the later date) with adjustment for any difference in its value as of the later date not due to mere lapse of time. **(b) Special rules** No deduction under this chapter of any item shall be allowed if allowance for such items is in effect given by the alternate valuation provided by this section. Wherever in any other subsection or section of this chapter reference is made to the value of property at the time of the decedent’s death, such reference shall be deemed to refer to the value of such property used in determining the value of the gross estate. In case of an election made by the executor under this section, then— (1) for purposes of the charitable deduction under section 2055 or 2106(a)(2), any bequest, legacy, devise, or transfer enumerated therein, and (2) for the purpose of the marital deduction under section 2056, any interest in property passing to the surviving spouse, shall be valued as of the date of the decedent’s death with adjustment for any difference in value (not due to mere lapse of time or the occurrence or nonoccurren
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2032
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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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Federal law — U.S. Code and appendices · legal_authorities
**(a) Personal liability** (1) **Taxable distributions** — In the case of a taxable distribution, the tax imposed by section 2601 shall be paid by the transferee. (2) **Taxable termination** — In the case of a taxable termination or a direct skip from a trust, the tax shall be paid by the trustee. (3) **Direct skip** — In the case of a direct skip (other than a direct skip from a trust), the tax shall be paid by the transferor. **(b) Source of tax** Unless otherwise directed pursuant to the governing instrument by specific reference to the tax imposed by this chapter, the tax imposed by this chapter on a generation-skipping transfer shall be charged to the property constituting such transfer. **(c) Cross reference** For provisions making estate and gift tax provisions with respect to transferee liability, liens, and related matters applicable to the tax imposed by section 2601, see section 2661.
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 2603
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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) 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
**(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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