26 U.S.C. § 2621 — Taxable amount in case of taxable dis-

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 general revision of this chapter by Pub. L. 99–514, § 1431(a). Subchapter C—Taxable Amount Sec. 2621. Taxable amount in case of taxable distribu- tion. 2622. Taxable amount in case of taxable termi- nation. 2623. Taxable amount in case of direct skip. 2624. Valuation. Editorial Notes AMENDMENTS 1986—Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2720, substituted ‘‘Taxable Amount’’ for ‘‘Ad- ministration’’ in subchapter heading, substituted ‘‘Tax- able amount in case of taxable distribution’’ for ‘‘Ad- ministration’’ in item 2621 and ‘‘Taxable amount in case of taxable termination’’ for ‘‘Regulations’’ in item 2622, and added items 2623 and 2624. § 2621. Taxable amount in case of taxable dis- tribution (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 dis- tribution For purposes of this chapter, if any of the tax imposed by this chapter with respect to any tax- able distribution is paid out of the trust, an amount equal to the portion so paid shall be treated as a taxable distribution. (Added Pub. L. 94–455, title XX, § 2006(a), Oct. 4, 1976, 90 Stat. 1887; amended Pub. L. 97–34, title IV, § 422(e)(4), Aug. 13, 1981, 95 Stat. 316; Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2720.) Editorial Notes AMENDMENTS 1986—Pub. L. 99–514 amended section generally, sub- stituting provisions relating to taxable amount in case of a taxable distribution for former provisions which related generally to administration of this chapter. See section 2661 of this title. 1981—Subsec. (b). Pub. L. 97–34 substituted ‘‘Section 6166’’ for ‘‘Sections 6166 and 6166A’’ in heading and ‘‘sec- tion 6166 (relating to extension of time’’ for ‘‘sections 6166 and 6166A (relating to extensions of time’’ in text. Statutory Notes and Related Subsidiaries 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 1981 AMENDMENT Amendment by Pub. L. 97–34 applicable to estates of decedents dying after Dec. 31, 1981, see section 422(f)(1) of Pub. L. 97–34, set out as a note under section 6166 of this title. § 2622. Taxable amount in case of taxable termi- nation (a) In general For purposes of this chapter, the taxable amount in the case of a taxable termination shall be— (1) the value of all property with respect to which the taxable termination has occurred, reduced by (2) any deduction allowed under subsection (b). (b) Deduction for certain expenses For purposes of subsection (a), there shall be allowed a deduction similar to the deduction al- lowed by section 2053 (relating to expenses, in- debtedness, and taxes) for amounts attributable to the property with respect to which the tax- able termination has occurred. (Added Pub. L. 94–455, title XX, § 2006(a), Oct. 4, 1976, 90 Stat. 1888; amended Pub. L. 99–514, title XIV, § 1431(a), Oct. 22, 1986, 100 Stat. 2720.) Editorial Notes AMENDMENTS 1986—Pub. L. 99–514 amended section generally, sub- stituting provisions relating to taxable amount in case of a taxable termination for former provisions which authorized the Secretary to promulgate regulations. See section 2663 of this title.