Internal Revenue Code:Sec. 2622. Taxable amount in case of taxable termination

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Location in Internal Revenue Code

     TITLE 26 - INTERNAL REVENUE CODE
      Subtitle B - Estate and Gift Taxes
       CHAPTER 13 - TAX ON GENERATION-SKIPPING TRANSFERS
        Subchapter C - Taxable Amount
      

Statute

    Sec. 2622. Taxable amount in case of taxable termination
 
    (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 allowed by section 2053
    (relating to expenses, indebtedness, and taxes) for amounts
    attributable to the property with respect to which the taxable
    termination has occurred.
 

Sources

    (Added Pub. L. 94-455, title XX, Sec. 2006(a), Oct. 4, 1976, 90
    Stat. 1888; amended Pub. L. 99-514, title XIV, Sec. 1431(a), Oct.
    22, 1986, 100 Stat. 2720.)
 

Miscellaneous

                                 AMENDMENTS
      1986 - Pub. L. 99-514 amended section generally, substituting
    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.
                      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 section 1433 of Pub. L. 99-514,
    set out as a note under section 2601 of this title.
 

References

                   SECTION REFERRED TO IN OTHER SECTIONS
      This section is referred to in section 642 of this title.