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► 26 U.S.C. § 2624 26 u.s.c. · tax on generation-skipping transfers · title 26
26 U.S.C. § 2624
Valuation
Title 26 USC
● ACTIVE
Ch. 13
Jurisdiction Federal — United States
Chapter TAX ON GENERATION-SKIPPING TRANSFERS
Primary Source uscode.house.gov ↗
Federation ID OM-USC26-SEC-2004CF
► STATUTORY TEXT primary source · verbatim · uscode.house.gov

U.S.C. Title 26 - INTERNAL REVENUE CODE 26 U.S.C. United States Code, 2023 Edition Title 26 - INTERNAL REVENUE CODE Subtitle B - Estate and Gift Taxes CHAPTER 13 - TAX ON GENERATION-SKIPPING TRANSFERS Subchapter C - Taxable Amount Sec. 2624 - Valuation From the U.S. Government Publishing Office, www.gpo.gov

§2624. Valuation

(a) General rule Except as otherwise provided in this chapter, property shall be valued as of the time of the generation-skipping transfer. (b) Alternate valuation and special use valuation elections apply to certain direct skips In the case of any direct skip of property which is included in the transferor's gross estate, the value of such property for purposes of this chapter shall be the same as its value for purposes of chapter 11 (determined with regard to sections 2032 and 2032A). (c) Alternate valuation election permitted in the case of taxable terminations occurring at death If 1 or more taxable terminations with respect to the same trust occur at the same time as and as a result of the death of an individual, an election may be made to value all of the property included in such terminations in accordance with section 2032. (d) Reduction for consideration provided by transferee For purposes of this chapter, the value of the property transferred shall be reduced by the amount of any consideration provided by the transferee.

(Added Pub. L. 99–514, title XIV, §1431(a), Oct. 22, 1986, 100 Stat. 2721.)

Statutory Notes and Related Subsidiaries

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 section 1433 of Pub. L. 99–514, set out as a note under section 2601 of this title.

Source: uscode.house.gov — public domain Official Source ↗
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The statutory text of 26 U.S.C. § 2624 is reproduced from the official United States Code as published by the Office of the Law Revision Counsel of the U.S. House of Representatives (uscode.house.gov).
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← 26 U.S.C. § 2623 26 U.S.C. § 2631 →
Chapter 13 — TAX ON GENERATION-SKIPPING TRANSFERS
26 U.S.C. § 260126 U.S.C. § 260226 U.S.C. § 260326 U.S.C. § 260426 U.S.C. § 261126 U.S.C. § 261226 U.S.C. § 261326 U.S.C. § 261426 U.S.C. § 262126 U.S.C. § 262226 U.S.C. § 262326 U.S.C. § 262426 U.S.C. § 263126 U.S.C. § 263226 U.S.C. § 264126 U.S.C. § 264226 U.S.C. § 265126 U.S.C. § 265226 U.S.C. § 265326 U.S.C. § 265426 U.S.C. § 266126 U.S.C. § 266226 U.S.C. § 266326 U.S.C. § 2664
26 U.S.C. — public domain ← All Legislation
OakMorel Law
26 U.S.C.
Citation
26 U.S.C. § 2624
Status
● ACTIVE
Chapter
13 — TAX ON GENERATION-SKIPPING TRANSFERS
Title
Internal Revenue Code
Jurisdiction
Federal
Federation ID
OM-USC26-SEC-2004CF
Root-LD Spec
v1.0
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Internal Revenue Code — 26 U.S.C. § 2624