Statutes, codes, and regulations
United States Code
Title 26 - INTERNAL REVENUE CODESubtitle B - ESTATE AND GIFT TAXESChapter 13 - TAX ON GENERATION-SKIPPING TRANSFERS
Subchapter C - TAXABLE AMOUNT
Section 2621 - Taxable amount in case of taxable distribution

26 U.S.C. § 2621

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Current through P.L. 118-106 (published on www.congress.gov on 10/04/2024)
Section 2621 - Taxable amount in case of taxable distribution
(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.

26 U.S.C. § 2621

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

AMENDMENTS1986-Pub. L. 99-514 amended section generally, substituting 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 "section 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 AMENDMENTSection applicable to generation-skipping transfers (within the meaning of section 2611 of this title) made after Oct. 22, 1986, except as otherwise provided, see section 1433 of Pub. L. 99-514, set out as a note under section 2601 of this title.

EFFECTIVE DATE OF 1981 AMENDMENTAmendment 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.